GoGoProp, a newly established digital lending platform based in Hong Kong, has set its sights on the UK property market owned by overseas buyers, valued at US$136 billion.
By offering fast short-term loans and equity-release facilities, the fintech start-up is looking to bridge the financing gap for international buyers, especially those from Hong Kong, who face tight developer deadlines and slow mortgage approval processes.
Statistically, overseas buyers accounted for 45% of home sales in Prime Central London in 2023 and 23% of home purchases across Greater London in the first half of 2024, according to local estate agents.
Among them, Hong Kong investors are the largest overseas buyer group. According to HM Land Registry records, landlords from Hong Kong held 25,972 properties in England and Wales in 2024, accounting for about 13.7% of all foreign-owned homes.
However, despite their strong market presence, overseas buyers still contend with tight payment schedules. UK developers typically expect payments to be settled within weeks, while conventional lenders can take up to 90 days for loan approval for overseas buyers.
Industry data shows nearly one-third of international mortgage applications are delayed past acceptable timeframes or declined without clear explanation.
“Investors from overseas often lose out because traditional lenders simply can’t close fast enough,” says Christopher Lindvall, GoGoProp’s founder and former managing director of Lifestyle Asia, noting that bridging finance has grown into a critical niche for those who need speed.
To meet this growing demand, GoGoProp offers two principal products to international buyers: new-build bridge loans, financing purchases before long-term mortgages are secured; as well as equity-release loans, unlocking cash from existing assets to fund further acquisitions.
Clients complete a web-based application and receive an in-principle decision within maximum 24 hours – a turnaround up to 90% faster than traditional lenders. Once approved, funds can be disbursed in as fast as ten business days. Loan terms start from as short as three months, giving borrowers time to arrange conventional financing at more competitive rates.
“We enable investors to bridge funding gaps without having to rush into unfavourable terms or risking the loss of their deposit,” Lindvall explains. “We are not here to replace banks but for clients to buy time. With our fast financing solution, they can negotiate confidently and transition to long-term financing with traditional banks.”
GoGoProp’s financing covers the period between offer acceptance and mortgage completion, reducing aborted transactions and therefore keeping international buyers confident.
Since its debut in early May, the platform has attracted applications from Hong Kong, Southeast Asia, Europe, the Middle East and Africa. “Demand has exceeded what we anticipated initially,” says Lindvall. “We are continuously improving our systems to deliver excellent products and services as we grow.”
"Investor interest has mirrored applicant enthusiasm. GoGoProp’s latest fundraising round attracted capital from funds in Hong Kong, Dubai, Sweden, and England."
"The response from our backers reflects the size of the financing gap we’re addressing,” says Lindvall, who believes the company's business and loan portfolio have the potential to evolve into a driving force, making it a significant industry player within the next three years.
Since GoGoProp falls under Hong Kong’s money-lending regime, the lender is required to disclose all fees and clear assessment of borrower affordability. Transparency and effective communication form integral components of their business ethos.
“Regulatory compliance is integral to everything we do,” Lindvall says. “We’ve built our technology and platform from the ground up to meet both Hong Kong and UK standards.”
The start-up also employs a credit-scoring engine that factors in global market conditions, borrower cash flows and property valuations.
"We’re working to close a substantial financing gap in property investment,” says Lindvall. “Our client-focused approach is designed to support investors and help them secure reliable returns.”
(Staff Reporter)
