UK based P2P Lender Proplend Introduces AutoLend 2, a New Feature Allowing Users to Turn Investing Activities On or Off

UK-based P2P lender Proplend has introduced AutoLend 2, a new product that provides lenders the option to turn their investing activities on or off.

The P2P property lending platform is offering an auto-investing option called Always On and a manual investment product referred to as Self Select.

Always On may be well-suited for lenders who prefer to work with automated investment funds that are based on their specified requirements. Meanwhile, Self Select may be ideal for people who like to go through the process of choosing loans on their own (instead of relying on automated solutions).

According to Proplend, both of the company’s products may be accessed in classic, ISA, and via pension accounts. There’s an option to switch between them by simply turning the AutoLend 2 feature on or off. This new feature is accessible via Proplend’s dashboard.

Investors who are interested in using the Always On feature should choose a maximum amount they’d want to invest in each type of loan via the platform. There’s also a maximum 5-year investment term. The product aims to invest in all available loans in order to maintain a diversified strategy.

The new product invests only in tranche A (with lowest risk possible). With this new feature, you can invest as much as 50% loan-to-value, aiming for rates of 5% per annum after applicable fees and outstanding bad debt (but before accounting for taxes).

Proplend claims that since offering AutoLend 2, investors have been able to make more than 7% versus the 5% goal or target.

When an investor decides to turn off the Always On feature, then it may not be turned on again for up to a month. However, during this time period, investors are able to access the Self Select feature.

In statements shared with P2P Finance News, Brian Bartaby, CEO at Proplend, confirmed that the company successfully released its latest version of AutoLend.

He added that they’ve taken the old AutoLend and split it into two different products which reflects how two different types of lenders had been using it. Bartaby added that it had been more than 3 years since they introduced AutoLend and they’ve tracked how lenders had been using it during this time.

He also mentioned that over an extended period of time, it became clear or obvious to them that there were two main user types and they think that Always On and Self Select will meet the requirements of those users, while ensuring that lenders are able to access the same “quality loans.”

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