CrowdProperty, a platform-based provider of property development finance, has unveiled a new and innovative feature called the “instant” Decision in Principle (iDIP).
The iDIP feature has been developed to offer property developers an immediate response, supported by a wealth of data gathered over a period of 10 years. This data encompasses over 15,000 funding applications and more than £15 billion in funding requests, making it a transformative addition to the property development finance market.
According to Damon Walford, Chief Commercial Officer at CrowdProperty, the iDIP proposition represents a significant advancement that meets the critical need for prompt responses in property transactions. The time-sensitive nature of property deals means that every minute saved is invaluable, particularly when developers are competing for a site or negotiating with a vendor. In a recent pilot exercise, numerous property developers were able to submit multiple applications due to the exceptionally rapid response time offered by iDIP.
Walford stressed, “We are focused on expediting funding provision, improving transparency, and cultivating enduring relationships with our clients. Our new iDIP harnesses our extensive wealth of data insight and technological expertise, and the benefits for developers are a significant leap forward within the overall property development finance market.”
CrowdProperty’s iDIPs are made possible by Building Underwriting Intelligent Lending Decisions (BUILD), an in-house automated deal appraisal system that utilizes the abundance of data and analytics collected by the company over the past decade. Walford underscored the significance of BUILD in delivering an impartial and precise assessment of project risk, enabling the swift provision of indicative pricing and certainty in funding applications from the outset.
This groundbreaking iDIP feature is positioned to revolutionize the landscape of property development finance, affording developers the efficiency, transparency, and confidence needed to navigate the competitive and time-sensitive nature of the industry. With instant responses and a wealth of data-driven insights at their disposal, property developers can seize opportunities and progress with their projects in a more streamlined and informed manner.
In conclusion, the introduction of iDIP by CrowdProperty represents a momentous advancement in the property development finance sector, showcasing the company’s dedication to leveraging technology and data for the benefit of their clients. The iDIP feature is poised to transform the industry, providing developers with a competitive edge and the peace of mind that comes from swift, data-driven decision-making.