The opportunity to invest, via the Seedrs crowdfunding site, is remaining open as more backers seek to take up the offer.

The news comes on the back of record increases in the value of mortgage applications for Property Master which launched in May of last year. In January the company saw mortgage application value up by 83 per cent. A further 61 per cent increase in the value of business was recorded last month, February. Extra staff have been recruited to manage the increased workload whilst maintaining the company’s 5-star TrustPilot status.

Angus Stewart, Chief Executive, Property Master said: “Exceeding our funding target is a massive endorsement for our vision to become the destination site for private landlords looking for all they need to support their business, beginning, of course, with the very best mortgage deal. The property market is being reshaped by new technology platforms such as ours which aim to make life easier for customers by taking the complexity and hassle out of issues such as raising finance.”

Mr Stewart continued: “At the same time we are also well-placed to benefit from the greater professionalisation of the private rented sector. Landlords are being squeezed on several fronts by higher tax bills, increased regulatory costs, and now the threat of higher interest rates. More than ever they need to ensure they are not over-paying for their mortgages and without a doubt this is fuelling the current record level of mortgage applications Property Master is seeing.”

The current successful round of fundraising will enable Property Master to move into a new phase of growth. The company is on track to develop a comprehensive range of online landlord services enabling the convenient management of properties at lower cost, including sophisticated portfolio finance tools of interest to landlords with multiple properties. It also plans to increase its marketing spend to raise awareness of its customer offering and attract additional landlords to its site.

Property Master has now won financial backing from a broad mix of over 150 investors including a minority stake from LSL Property Services, owner of Your Move and Reeds Rains. Property Master’s launch attracted positive industry reviews and since then over 19,000 landlords have used its tools and services.