Proportunity, a London-based startup that wants to give first-time buyers a leg up on home ownership, has taken a debt capital injection of up to £7.5 million to manage record demand following Britain’s post-lockdown housing boom. The company’s portfolio has exploded lately — doubling the past two years in just the last two months — and the new facility, which came from Conister Bank and others, allows the company to keep up. The UK startup provides home buyers with a ‘deposit-boosting’ equity loan of up to £90,000, enabling them to ink the deal with only a 5 percent cash deposit. “When the pandemic hit, we were able to leverage our property market technology to quickly adapt lending decisions, increasing our portfolio’s resilience and continuing to issue loans, where others lenders were forced to pull back mortgage products or put lending on hold entirely. That’s made us the only 5 percent LTV lender in the UK,” explains CEO and co-founder Vadim Toader. With that in mind, the company says it’s looking to accelerate growth even further. It hired Marita Cavalcanti (ex-OakNorth, Ebury and Nomura) as its CFO, launched a new intermediaries platform for mortgage brokers, and joined Tech Nation’s latest fintech cohort.
Photo: Proportunity team