A peer-to-peer business platform has been acquired by the property investment arm of Sourced Group after it gained direct authorisation from the Financial Conduct Authority (FCA).
Warrington-based Sourced Capital has snapped up Peer Funding for an undisclosed sum.
Sourced Capital provides asset-backed property development investment opportunities to high net worth, corporate and institutional investors.
READ MORE: Green light for £125m Eden Project North which will create hundreds of jobs
Derek Pratt, commercial director at Sourced Capital, said: "We have gone from proof of concept to directly authorised and approved by the FCA in a relatively short period of time.
"With our sister company Sourced Franchise doubling its network over the past 12 months, there is unprecedented demand for our funding services.
"This, coupled with a strong appetite from our ever-increasing investor base, means we are well positioned for growth in 2022 and beyond.
"Our senior team is made up of a combination of property, finance and technology experts who support Sourced Franchise developers.
Most Read
"This has enabled us to build an investment model that has delivered zero losses and average returns of circa 12 percent per annum to investors to date.
"We want to make property investment more accessible and easier for investors, and we are doing this through Sourced Group’s unique property ecosystem which provides holistic services to property developers and challenges traditional property market approaches through expertise and innovation."