Brickflow issues record number of loan terms for November
Brickflow, the UK’s first search engine for development finance, reports a record number of loan terms – £88m – were issued through its deal forum in November.
The 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’s platform secured competitive interest rates, with Loan to Gross Development Values ranging from 50% to 83%, for 17 developers who have funding for projects in the residential, hotel, HMO, retirement living, light industrial and supported living sectors.
Ian Humphreys, Brickflow’s co-founder and head of lending, comments: “By creating an auction environment, borrowers receive the most competitive rates in record time. A LTGDV of 83% is unheard of, especially at a blended senior & mezzanine rate of 8.49%. Our online tools help borrowers complete perfect lender presentations – with first time users stating they can do it within 15 minutes!
“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.”
Below is a summary of the property types, loan sizes and winning interest rates. The cumulative LTGDV being 65.56% at an average rate of 7.05%
|Location||Property type||GDV||Loan size||Loan to GDV||Winning bid|