CrowdProperty agrees loan via Brickflow’s new DIP broker product
Cardiff-based Vast Commercial Finance has become the first mortgage broker to use development finance marketplace Brickflow to apply for a decision in principle (DIP), and received approval from CrowdProperty in less than two hours.
Brickflow launched the new broker platform in September, having launched its development finance comparison site in 2020.
Vast Commercial Finance signed up to Brickflow in mid-November and used the tech to apply for finance on behalf of a client in South Wales.
Having connected to and received instant feedback from up to 40 lenders, Vast submitted a DIP application to peer-to-peer lender CrowdProperty, which returned approval and lending terms of £2.7m to build 18 new family houses in Gwent.
Read more: Brickflow launches new broker platform
“I was blown away by how easy and intuitive Brickflow was to use, and also the speed” said Vast Commercial Finance director Luke Curtis. “It took me minutes to search the market and select the best lenders, and then I received my first DIP in under two hours.
“Things moved quickly as I was able to share the DIP form with the borrower to complete, and this was equally seamless as everything was white-labelled with our branding. What a game-changer! I can now spend less time on admin and more time on existing and potential clients.”
Brickflow’s conversion rate from DIP to loan completion is more than 90 per cent.
The platform connects brokers with lenders to source the best value development loans. Having invited selected brokers to trial its platform in October, more than 50 companies have now signed up and the number continues to grow each week.
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“Lenders can move quickly because our DIP form gives them all the information they need to make fast and reliable underwriting decisions,” said Brickflow chief executive and co-founder Ian Humphreys.
“Once lenders receive a notification inviting them to login when a new application is submitted, they can view the application, and any supporting documents online, or download the same for their records. They can then submit their terms straight back onto the platform, or ask the broker further questions.”
Humphreys said the platform can reduce brokers decision-making time from 15 hours to just a few minutes. It means a DIP that once took up to two weeks can now be approved the same day.