A peer-to-peer lending platform headquartered in Greater Manchester has entered administration.
Founded in 2012, Altrincham-based The House Crowd offers SME bridging loans secured against land or property.
The company has appointed Frank Ofonagoro, Jeremy Woodside and Frank Wessely at business advisory firm Quantuma as joint administrators, with consent from the FCA.
A statement said the administration is not expected to have a material impact on investors or lenders.
The joint administrators will continue the wind down of the loan portfolio and the return of monies to lenders.
Quantuma said it is not yet clear how many of the firm’s eight employees and five consultants will be affected by the administration, as well as the 15 developments being funded through the platform.
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The firm has about 3,700 active investors on the platform and has to date funded more than 400 developments worth £123.9m.
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Quantuma has also been appointed to House Crowd Property Management, House Crowd Finance and House Crowd Finance (Security Agent).
Mr Ofonagoro said: "Due to ongoing financial issues facing the company, the directors resolved that it would be in the best interests of The House Crowd and its creditors and its loan investors, to appoint administrators.
"Our priority will now be on securing the best possible outcome for all parties.
"Wherever possible, that includes the repatriation of client monies, completion of existing development builds, orderly wind down of loan books, and ultimately protecting the interest of investors and creditors.
"We would urge all parties affected by this news, in the first instance, to visit the House Crowd website, where we have posted a series of FAQs."