London-based startup Proportunity helps the UK first-time home buyers nets £7.5M funding
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London-based startup Proportunity helps the UK first-time home buyers nets £7.5M funding
Housing prices in the UK, including London, are spectacularly high, making it very challenging for first-time buyers to get onto the housing ladder. Based out of London, Proportunity has developed a solution aimed at tackling this problem.
Founded by Stefan Boronea, and Vadim Toader, Proportunity is a technology-driven mortgage lender. Recently, the UK company raised £7.5 million to manage record demand following Britain’s post-lockdown housing boom. The lion’s share of the new debt funding came from Conister Bank.
Douglas Grant, Director of Conister, commented: “The UK’s SMEs have shown an incredible amount of adaptability and resilience in the face of changing consumer behaviour amid COVID-19 pandemic. We are pleased to be able to support Proportunity as it seeks to positively contribute to the dynamics of the UK housing market following the lockdown and to help its customers realise the dream of owning their home.”
The funding will allow Proportunity to help more first-time buyers and accelerate its growth even further. Besides funding, the company hired Marita Cavalcanti (ex-OakNorth, Ebury and Nomura) as its CFO. She will be in charge of expanding their debt capital by drawing in more institutional money towards Proportunity’s lending fund.
Proportunity provides home buyers with a deposit boosting equity loan of up to £90,000, enabling them to afford the home they love with only a 5% cash deposit. The company is witnessing its biggest first-time buyers demand in a long time due to the ‘work from home’ factor and to take advantage of the new stamp duty relief, but COVID-19 has made getting a mortgage considerably more difficult for them.
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