UK: Brickflow, the first online search engine for UK real estate development finance has been launched by property finance professional Ian Humphreys and software developer Robert Lange.
Brickflow connects real estate borrowers with lenders able to supply loans of between £150,000 and £100 million.
The platform, which has been in a testing phase since the end of February, aims to complete all development loans within six weeks – a significantly shorter time span than a typical arrangement, which can take several months.
On average, only one development finance enquiry out of every 25 completes as a loan. Brickflow says can increase those odds to better than one in two by removing any lenders that don’t match search requirements.
The site has signed up 18 lenders so far, and has more than 1,000 unique users.
Humphreys said: “By combining extensive market knowledge, the best digital technology and the efficiency of a comparison site, we are offering a revolutionary new way to secure development finance for everyone.”
Steven Brigly , director, property development at United Trust Bank said: “Like many development lenders, we receive a considerable number of loan enquiries that don’t meet our criteria. The technology that Brickflow has developed means that more of the loan enquiries I see from them are projects we can consider funding. This enables me to spend more time supporting my existing customers and progressing applications with a greater chance of success.”
Callum Ferguson, lending director at Alpha Property Lending, said: “Technology employed by Brickflow aims to partner the right borrower with the right lender by improving on the understanding of lender criteria and borrower needs. This has the potential to lead to huge time-saving benefits for both lenders and borrowers.”</p
