Brickflow hails record November
Property lending comparison site Brickflow saw a record number of loan terms issued through its deal forum in November.
£88m was funded through the Brickflow deal forum last month, to 17 developers who are planning property projects in the residential, hotel, HMO, retirement living, light industrial and supported living sectors.
Loan to gross development values (LTGDV) ranged from 50 per cent to 83 per cent. The cumulative LTGDV was 65.56 per cent, with an average rate of 7.05 per cent.
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“By creating an auction environment, borrowers receive the most competitive rates in record time,” said Ian Humphreys, Brickflow’s co-founder and head of lending.
“A LTGDV of 83 per cent is unheard of, especially at a blended senior and mezzanine rate of 8.49 per cent. Our online tools help borrowers complete perfect lender presentations – with first time users stating they can do it within 15 minutes!
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“Our goal is to connect borrowers and lenders in seconds and give developers seamless and fast access to property finance. Judging by November’s activity, I’m confident we can become the UK’s leading facilitator of all development finance transactions.”
Brickflow’s deal forum is similar to a competitive tender process – developers input their project details and Brickflow’s algorithms select the lenders most likely to make a loan offer. Borrowers can then choose up to five lenders to bid in a blind auction.
Brickflow is used by a number of peer-to-peer property platforms including CapitalRise, CrowdProperty, Assetz Capital and LendInvest.
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