Propp specialises in bridging finance and commercial mortgages and launched in November 2020.
It has gone live with 40 lenders upon launch and has added 13 lenders to its panel.
Propp leverages technology with the aim of simplifying the process for both lenders and borrowers, while driving competition among lenders and increasing the choice available to borrowers.
Michael Mann, business relationship manager at Allica Bank, said: “At such a critical time for the UK economy, it’s vital that established small and medium-sized businesses (SMEs) have the finance they need to succeed.
“That’s why we’re really pleased to be partnering with Propp, whose transparent and collaborative approach to commercial finance aligns closely with our own.
“By working together, brokers and banks can help even more SMEs thrive at a time when they need our expertise and support most.”
Paul Elliott, managing director at Propp said of Allica Bank: “They have an excellent standing in the commercial finance space and their ambitious plans to support SMEs caught our eye initially.
“Our relationship with them evolved organically, having worked with them on a few mortgage cases prior to them formally joining the panel.
“Their tech-supported approach to commercial finance closely mirrors our own, and so it was a natural partnership.
“Often you find that incumbents within the market are fearful of disruption, but we’re finding that lenders approach us with enthusiasm – excited by the ambitions we have to increase transparency throughout the mortgage process and ultimately drive competition in the market.
“What we’re doing opens the door for challenger banks to take a slice of the pie that was ordinarily reserved for the big players.
“The overall reaction to us has been overwhelmingly positive, which just reinforces the confidence we have in what we’re trying to achieve, and Allica Bank are the latest lender to lend us their support.”
