Borrowers will now have the ability to view products from providers often not available through traditional brokers, with bespoke quotes negotiated and presented back to borrowers within 24 hours.
According to the developers of the site, Propp was born out of a shared desire to evolve the specialist property finance market, which has "lacked digital innovation" and claims to be able to save borrowers an average of over £9,400 per year, based on the negotiated interest rate, due to its Optimisation service.
Propp states that the average time to complete a bridging loan has risen to 52 days and will "reduce this significantly" by digitising much of the process, including rate negotiations, digital signatures, and electronic identification.
The leadership team brings a combined 60 years of experience in the property space to the new venture. The team previously worked together in senior roles at John Charcol mortgage advisors. Paul Elliott assumes the role of Managing Director, with a core responsibility for business development. While Ben Larkin, Chief Technical Officer, will be responsible for delivering on Propp’s mission to drive digital transformation and efficiencies for its customers.
Peter Williams, Chief Executive Officer at Propp, said: “Propp has been purpose-built to shake-up the archaic specialist property finance space and brings it in line with the demands of today’s borrowers, who are accustomed to the convenience and transparency of automated technologies and instant, high-quality customer service.
“For too long the industry has rested on its laurels when it comes to automation and real transparency for its customers. The seasoned team we’ve built is committed to leading the industry by example. We’re excited to see what the next 12 months has in store for Propp and our customers who will be looking to us to provide them with the best possible deal during these unusual times."
Mike Stenhouse, property developer and host and producer of Inside Property Investing podcast, comments: “We recently tried Propp for a development finance application after getting fed up with the lack of transparency and slow speed we'd seen from some brokers.
“I cannot speak highly enough of the process. Quick responses, very detailed information on the different lenders we could pick from, and an almost intense (in a very positive way) follow-up from the Propp team to ensure the application progressed to completion quickly.
“They beat rates we'd seen from brokers by several 10ths of a %, saving us thousands of pounds across the project duration, and we felt like we had much better clarity on who the right lender was for us.”
Tomer Aboody, director of MT Finance, says: “What the team at Propp have developed here is fantastic. The website is very user-friendly and gives borrowers a solid spread of the lenders currently operating within the specialist property finance market.
“The process is extremely transparent, delivering a rationale to every search result and even provides users with a clear indication of savings on each loan. As a lender, it’s encouraging to see innovation in the property finance market that will enable us to consider more applications.”
