Proptech firm Propflo has won a grant to work with lenders and landlords to support the expansion of green retrofitting in homes from government body Innovate UK.
The move is part of a £5m competition funded by the body to accelerate the shift towards net zero by developing scalable service options.
Firms must reduce bills and carbon emissions from buildings with the intention of commercialising the results across two phases of the competition.
The first phase lasts until June, after which the projects of several firms in the competition will receive further funding of up to £1.5m each to continue their work.
Propflo has held talks with over twenty lenders and will be developing proposals demonstrations, with a lender or selection of lenders, in the buy-to-let, residential and shared ownership sectors.
The firm, which is backed by property entrepreneur Ying Tan, will also hold talks with lettings agents, mortgage brokers and landlords about the project.
Propflo’s project includes a mixture of enhanced energy performance certificates, AI-based portfolio checkers, retrofit tools and ongoing engagement with people living in the homes.
Propflo founder and chief executive Luke Loveridge says: “This project will help lenders and landlords meet looming regulatory changes including mandatory [energy performance certificate] C ratings for rented properties.”
Propflo lead investor and non-executive director Tan adds: “Current solutions in the market are only partially meeting the needs of lenders and their customers.
“Propflo’s current offering addresses many gaps having been developed with industry knowledge, and this project will create a market-leading solution that complements this offering.
“With mortgages in the UK being heavily intermediated, this project could also be of real interest to brokers who are in key positions to support people at critical times.”
