Propp.io, a new direct-to-consumer property finance comparison website has launched today.
Headed by Peter Williams, who previously worked as a director at John Charcol, Propp boasts of already having signed up 40 lenders that specialise in providing bridging and commercial mortgages.
As well as allowing borrowers to directly view deals, the website incorporates an optimisation service, which negotiates rates with providers by having lenders compete with each other – Propp says that this could save borrowers an average of £9,400 a year.
The results of this re provided within 24 hours.
It adds that completion times are also brought down due to its use of electronic signatures and identification requirements.
Williams says: “Propp has been purpose-built to shake-up the archaic specialist property finance space and bring 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.”
Inside Property Investing prodcast host and producer Mike Stenhouse adds: “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.
“It beat rates we’d seen from brokers by several tenths of a per cent, saving us thousands of pounds across the project duration, and we felt as though we had much better clarity on who the right lender was for us.”
