Brickflow secures first exclusive bridging rate
Brickflow, the digital marketplace for specialist property finance, has secured its first exclusive rate from a lender, helping to drive competition within the commercial property finance market.
It has also expanded its lender panel to include over 100 lenders, allowing users to compare bridging finance, commercial mortgages and development finance from across the breadth of the market, in minutes.
The exclusive rate, now available to the 180+ brokerages currently using the platform, is provided by Hana Capital, which is offering Brickflow brokers bridging finance at 70% LTV at a rate of 0.99% per month – a rate normally reserved for loans at 65% LTV, and 0.16% per month, or nearly 2% on an annual basis, lower than its usual rate.
With access to platform data, the lender was able to see where they ranked on price compared with the rest of the lender panel, and lowered their rate accordingly in a bid to prove more competitive to potential borrowers.
Ian Humphreys, CEO & founder, Brickflow, comments: “We launched Brickflow with the aim of providing greater transparency for borrowers, brokers and lenders, in order to facilitate cheaper borrowing and more deals. This is a great example of how transparency can stimulate competition within a traditionally opaque market, and how lenders with easy access to live market data and the flexibility to offer exclusive rates, can ultimately prove more competitive.”
Hersh Patel, director, Hana Capital, added: “To conduct a competitor analysis and establish where we sit within the market would normally take days, if not weeks. Having this data at our fingertips thanks to the Brickflow platform means we are able to offer more competitive rates for borrowers. Healthy competition within the market can only increase buoyancy, which benefits everyone involved, from borrower to broker to lender.”
Data from the Brickflow platform reflects that the specialist property finance market has started the year strong. Searches on the platform for the first six weeks of the year are already at 50% of total searches for 2023, whilst requests for a Decision In Principle are standing at 22% of the total requested last year. The platform has also experienced 36% growth in the number of brokers signed up.
