CapitalStackers

CapitalStackers Limited (FRN 722549) is a UK peer-to-peer property lending platform founded by Steve Robson in 2016. It is directly authorised by the Financial Conduct Authority (FCA) and operates a loan-by-loan model, letting investors bid on individual property development and bridging loans rather than a pooled fund.

Investments on the platform are not protected by the Financial Services Compensation Scheme (FSCS) — recovery in distress depends on loan security, platform governance and workout processes rather than statutory compensation. Capital is at risk.

CapitalStackers "stacks" private capital on top of senior bank finance, so a typical scheme has a bank covering roughly 50–65% loan-to-value (LTV) with CapitalStackers funding junior tranches above. Investors bid on specific deals and can choose exposure by tranche — senior tranches sit first in the repayment waterfall while junior tranches absorb first losses for a higher coupon.

Fees are paid by borrowers (listing, arrangement, margin, exit and advisory/monitoring), and the platform states its own fees are typically only payable on successful scheme completion after investor capital is repaid. Directors and connected parties co-invest materially across deals (around 20% co-investment reported), aligning interests with lenders.

Secured property development and bridging loans, bought as loan participations and typically secured against the underlying property. Minimums are £2,500 on the primary market (some deals higher) and £500 on the secondary market; an Innovative Finance ISA (IFISA) and pension routes are supported.

Coupons vary widely by tranche — from around 5% for lower-risk senior positions up to 15–20%+ for junior tranches. Platform-reported statistics cite an average primary-market return of c.11.77% p.a. and a highest primary-market IRR of c.26.87%. A January 2026 independent review by 4thWay modelled a forecast average interest of c.13.49% for new lenders after bad debts — a forward-looking estimate, not a guarantee. A secondary market exists but sales are not guaranteed.

CapitalStackers targets high-net-worth, sophisticated and restricted investor categories who self-certify their understanding of risk and hold a UK bank account. The platform is not aimed at retail investors without demonstrated experience of high-risk investments.

The FCA capital-at-risk warning applies in full: investors should be prepared to lose all capital committed and should limit exposure to high-risk investments. No FSCS protection applies.

Strengths: experienced management with property-lending and risk-modelling background (the founder's pi-FRAME work is cited by the platform); material director and connected-party co-investment that, per 4thWay's review, bears a disproportionate share of losses; loan-level transparency with regular deal updates frequently noted by investors and reviewers.

Risks: 4thWay's January 2026 review reports that c.8% of all amounts ever lent have become confirmed losses or are provisioned for probable loss; the platform's own statistics show current capital provisions of c.3.83% and historic capital written off of c.9.26%. Junior and development tranches are exposed to construction, cost-overrun and exit risks and can produce total loss. Secondary-market liquidity is not guaranteed, and platform operational failure would complicate recoveries.

Provisions and historic write-offs are material and have risen in recent periods — investors should monitor provisioning trends and recovery outcomes. Independent reviewers highlight that the platform operates in very high-risk segments and that recent macro conditions have been particularly adverse for housebuilding.

The platform has, in some cases, suspended interest payments on seriously troubled loans pending resolution — preserving capital priority but disrupting expected cashflow. Forum evidence (July 2025) shows some investors reporting large negative positions on individual loans. Certain ownership and trustee arrangements cited in third-party sources (e.g. Hallidays shareholding, CTL trustee structure) are not fully verified in public filings reviewed here.