Brickflow issues record £88m of loan terms in November

Brickflow has reported a record number of loan terms issued through its deal forum in November, totalling £88m.

Through the company’s deal forum, developers input their project details, after which 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.

In November, the development finance search engine secured facilities at LTGDVs ranging from 50% to 83% for 17 property developers who required funding for schemes in the residential, hotel, HMO, retirement living, light industrial and supported living sectors.

The largest case was a £29m loan agreed at 66% LTGDV and 7.5% per annum for a £44m GDV residential conversion project in London.

Brickflow also facilitated a £7.8m loan at 83% LTGDV and a blended senior and mezzanine rate of 8.49% — the highest LTGDV of all the deals issued. 

Ian Humphreys, co-founder and head of lending of Brickflow (pictured above), said: “By creating an auction environment, borrowers receive the most competitive rates in record time. 

“Our online tools help clients 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 a UK leading facilitator of all development finance transactions.”

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