Development finance comparison site, Brickflow, is inviting selected mortgage brokers to trial the Beta release of its ‘Brickflow for brokers’ platform so they can source and package loans for property developer clients.
Once a broker registers as a Brickflow user and inputs the developers’ project details, the platform sources loans from over 40 lenders within two minutes, it claims.
By using proprietary algorithms and searching over 120 data points across each lender, Brickflow pairs the development finance options with the project.
After the preferred loan is selected, the platform allows data and document upload to which lenders can be invited to login and view.
The site claims that with Brickflow, credit approval is between 48-72 hours (its record is 4.5 hours); without the platform, it takes two to three weeks.
Designed in collaboration with development finance lenders such as Shawbrook, United Trust Bank, Paragon and Barclays, Brickflow claims the conversion rate from Heads of Terms to loan completion is over 90%, which takes on average, as little as six to eight weeks. The loan completion timescale through manual channels is typically six months or more.
Loan offers range from £150k to £150m for residential, commercial and mixed-use new-builds, conversion and Permitted Development projects.
Brokers using the platform keep 100% commission on every loan completed; Brickflow charges a flat fee of £35 per user, per month, for access.
Brickflow also offers brokers a white label solution. Brokers can upload their company logo and contact details so borrowers see the software as the broker’s own.
Ian Humphreys, Brickflow co-founder and CEO, said: “This much-needed industry tool is a game changer for brokers who historically have suffered from a lack of choice as well as difficulty in sourcing best-fit development finance loans for clients. Our ground-breaking technology saves broker’s time and money; it’s quick, efficient, insightful and transparent, providing brokers with an unrivalled range of development finance solutions and access to a significant income stream.
“Brickflow also supports brokers in the compliance process, storing all search and borrower information in the cloud, enabling them to document and evidence why a particular solution is recommended.
“By giving brokers and their clients instant access to development finance, they can quickly determine whether a site is viable, saving countless hours of time for all parties. Lenders are particularly appreciative, as the system painlessly guides users through what information is needed to issue loan terms. This means beginners as well as expert brokers, can use Brickflow.
“One well-known high-street lender recently remarked how Brickflow enables it to typically offer loan terms in 30 to 40 minutes rather than three weeks of back and forth to pull together the information they need.”
Once the first 150 broker firms have completed their feedback on the platform, Brickflow will be launched to the whole broker market in around two months’ time.