Commercial real estate lender Proplend saw new loan volumes increase 75% in 2021, while loan repayment volumes increased 80% year over year.
Describing 2021 as “difficult,” Brian Bartaby (photo), CEO and founder of Proplend, congratulated his team on the company’s success.
“2021 has been another difficult year, but the great team we have built at Proplend and our very loyal lender base have contributed to this success,” said Bartaby.
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“While too many people are canceling commercial property based on media headlines, it’s actually been a pretty good year. Remember that trading covers everything that is not residential, which encompasses almost 15 different asset subclasses, which offers plenty of opportunities.
“This, along with the launch of our new VAT loan product, gives 2022 promising prospects. “
In an investor update, Bartaby said 2021 was “a relatively good year” for Proplend, despite the underlying uncertainty in the market.
Throughout the year, all lenders received 100% of the interest they expected on time and in full.
He added that Proplend is taking action on a few overdue loans and that the platform is engaging with borrowers to reduce the risk of late payments.
Read more: Proplend operate profitably since the start of the year after reducing losses in 2020