Proplend vs Housemartin
Secured loans on commercial property versus unsecured loans to single-property companies
Proplend and Housemartin (formerly Assetz Exchange) are both peer-to-peer lending platforms, directly authorised by the FCA, and both are open to retail investors who complete the FCA's high-risk investment checks. The loans themselves are built very differently.
Proplend makes loans secured with a first legal charge on commercial property that has tenants. Housemartin makes unsecured loans to companies that each own a single home used for supported living and leased to charities or housing associations. Housemartin's own risk warning says this is an investment in peer-to-peer loans, not a direct property investment.
Side-by-Side Comparison
| Feature | Proplend | Housemartin |
|---|---|---|
| Operator | Proplend Ltd (Co. no. 08315922) | Housemartin Property Limited (Co. no. 09285310) |
| FCA status | Directly authorised (FRN 726646) | Directly authorised (FRN 668931) |
| Who can invest | Retail investors (restricted), high-net-worth and sophisticated investors | Retail investors (restricted) |
| Minimum | £1,000 | £1 |
| What you buy | P2P loans, held in your name | P2P loans, held in your name |
| Returns | 7.22–10.84% a year (historic realised, as of Dec 2025) | 7.77–7.91% a year (headline rate, as of Sep 2026) |
| Investor fees |
|
|
| Selling early | Proplend Loan Exchange (PLE): 0.5% of outstanding face value on loan-part sales (£5 minimum); exit depends on a willing buyer being available, otherwise investors must wait for redemption/maturity. | Loans can be sold on 'The Exchange' at investor-set prices with no buying/selling fees, subject to liquidity; the arrangement fee embedded in the loan is recovered when a loan is sold. Otherwise capital returns only when lenders vote to sell the property (2% disposal fee). Market can be illiquid. |
| ISA, pension and tax wrappers | Innovative Finance ISA, SIPP and SSAS | Innovative Finance ISA and SSAS |
| Auto-invest | Yes | — |
| FSCS protection | Uninvested cash only; investment losses aren't covered | Not covered |
| Founded | — | 2018 |
| Scale | £290m lent (Dec 2025) | £34m lent (Oct 2025) |
Generated from Other.'s facts files, which are checked against the FCA Register, Companies House and each platform's own site. Dates show when a figure applies.
Key Differences
1. Security. Proplend's loans are secured on the property with a first legal charge. Housemartin's loans are unsecured: the property company owns the home, and you lend to that company.
2. How you're paid. Proplend pays monthly interest at the rate for your tranche. Housemartin pays monthly interest that comes from the rent and rises with rent reviews. If investors vote to sell a Housemartin property, lenders receive the sale proceeds with any capital gain capped at 3% a year, while a fall in the property's value can reduce what you get back.
3. Term. Proplend's loans are shorter-term commercial loans. Housemartin's loans are tied to long leases.
4. Selling early. Both have secondary markets. Proplend's Loan Exchange charges a fee on sales. Housemartin's Exchange has no buying or selling fees and lets investors set their own prices; its arrangement fee is built into each loan.
5. Minimums and wrappers. Housemartin's minimum is very low and Proplend's is higher. Both offer an Innovative Finance ISA and SSAS lending, and Proplend also offers SIPP lending. The table shows the current figures.
Who Is Each Platform Best For?
Proplend
- Investors who want loans secured by a first legal charge
- Investors who want to choose a risk level by tranche
- Investors lending through a SIPP
Housemartin
- Investors starting with a small amount
- Investors who want monthly income linked to rents
- Investors who want to sell on an exchange with no trading fees
Verdict
Choose Proplend if you want each loan secured by a first charge on the property and the ability to pick a risk level by tranche. Choose Housemartin if you want to start small and receive income linked to rents on supported-living homes, understanding that the loans are unsecured and that your share of any rise in the property's value is capped. Neither is covered by the FSCS.
Disclaimer: Peer-to-peer lending puts your capital at risk and is not covered by the FSCS. Unsecured loans carry more risk than secured ones, and selling early depends on finding a buyer. This comparison is information, not financial advice.
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