Residential crowdfunding platform Property Partner has reported another success, after half a million pounds was raised in just 35 minutes for a property in London.
The two-bed flat in Tower Bridge – which registered investments at a rate of £242 a second – went online at 1pm and by 1.35pm the fundraise of £509,600 was complete.
Property Partner says that the opportunity attracted investors from all over the UK, each investing an average of £1,582.
The site, which launched in January, enables people to invest in individual residential properties as they can in company stocks.
Investors are then entitled to a monthly rental income — and benefit from any capital growth — in direct proportion to their ownership.
So far, £5million has been invested through Property Partner, spread across eighteen different properties. The other properties fully crowdfunded to date range from a £165,000 flat in Ilford, North-East London, to a £435,000 flat in Whitechapel, East London, situated close to a future Crossrail station.
More than 40,000 people have signed up to Property Partner since it launched in January with individual investments ranging from £50 to over £100,000.
"As more people hear about Property Partner, the time it takes to fund properties is getting shorter and shorter. The Tower Hill property is a prime example of this - to raise more than half a million pounds in just over half an hour is very exciting," says Dan Gandesha, Property Partner CEO.
Last month one of Property Partner’s other investment properties, located in Surrey, also crowdfunded in just 35 minutes.