CrowdBnk extends application deadline for East London Property Bond by four weeks

Press Release

CrowdBnk has announced that it is extending the offer for LMSL Group’s East London Property Bond – the largest fundraise in CrowdBnk’s history – having so far raised more than £5.9m on its platform.
There has been increasing demand for the five-year initial fixed-term mini bond, which offers 10% gross interest per annum for investments from £1,000.
As a result CrowdBnk has decided to extend the application period until 30th November 2015 as it closes in on its fundraising target of £9m. Applications can be made through www.crowdbnk.com
As well as the annual income on offer, the mini-bond is also secured against the Barking Magistrates’ Court residential site, providing an additional element of security for investors.
The mini-bond is structured so that investors have first claim over the Barking Magistrates’ Court development, a site which is independently valued at £10.25 million by Lambert Smith Hampton.
Meanwhile the income is generated from LMSL’s extensive property portfolio situated across London, which has been built up over the last two decades.
Ayan Mitra, Chief Executive, CrowdBnk, said: “We’ve seen considerable investor interest on the platform in recent days, and we’re already fast approaching our target as a result. ..
“Given the number of investors who have contacted us to express their interest, in our view it simply doesn’t make sense to close off this opportunity earlier than is necessary.”
Lahrie Mohamed, Chief Executive, LMSL, said: “In partnership with CrowdBnk we have set an ambitious target for the mini-bond, but one which we believe is achievable, and we are delighted that we’ve seen so much interest over recent days.”
RISK WARNING: You may lose some or all of your capital should you invest as the assets on which the bond is secured may not be sufficient to pay back your investment in all circumstances. Please read the specific risk factors for The East London Property Bond. East London Property Bonds are not protected from loss by the Financial Services Compensation Scheme. CrowdBnk Ltd is authorised and regulated by the Financial Conduct Authority (No. 627852).