Legally there is very little difference, practically there are just a few differences:

  • You will still have to go through the same measures to demonstrate that you are capable and creditworthy of repaying the loan. Whilst the Propifi Credit Panel may understand your needs better than a high street lender, we still have to ensure the risk to you, us and our lending Investors are manageable. 

  • Propifi act as an agent between yourself and our P2P Investors who fund your loan. This is known as a many-to-one arrangement, whereas a traditional loan will be one-to-one and you'll typically by borrowing from a bank, not a group of individuals or company investors (Though some banks do lend through P2P platforms too).

  • Once your loan is approved it is then offered to the Propifi Investors as an Investment Opportunity. The information you have shared with us to approve your loan is used to give confidence to Propifi Investors that your loan meets their investment needs; this process can take some time, you'll have visibility of how close your loan is to being fully funded. 

  • Depending on your Propifi Bridging loan you may find that you are contacted more often than a traditional lender, to ensure your repayment or exit plan is on schedule, we call this "Exit Monitoring". Our investors will have visibility of the Exit Monitoring before they invest in funding your loan, they will also get updates on our Exit Monitoring findings.

  • You will still need a solicitor to manage the draw-down and repayment of your loan.

If you need any further information our Borrow team is on standby to help you, please either call 0808 169 6060 or email borrowers@propifi.co.uk 
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