Marketplace expands panel to over 100 lenders
Specialist finance digital marketplace Brickflow has recently secured its first exclusive lending rate, marking a step forward in enhancing competition in the commercial property finance sector.
The exclusive rate is offered by Hana Capital to Brickflow’s network, which includes more than 180 brokerages.
Hana Capital is providing bridging finance at a loan-to-value (LTV) rate of 70% for 0.99% per month. This rate is notably lower than the standard, typically reserved for loans with a 65% LTV, and represents a nearly 2% annual savings compared to Hana Capital’s usual rates.
Meanwhile, Brickflow also announced the addition of over 100 lenders to its platform, allowing users to compare options for bridging finance, commercial mortgages, and development finance within minutes.
“We launched Brickflow with the aim of providing greater transparency for borrowers, brokers and lenders, in order to facilitate cheaper borrowing and more deals,” said Ian Humphreys (pictured), chief executive and founder of Brickflow.
“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 at Hana Capital, emphasised the efficiency gains from having immediate access to competitive data through Brickflow.
“To conduct a competitor analysis and establish where we sit within the market would normally take days, if not weeks,” Patel said. “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.”
Brickflow’s data indicates a strong start to the year for the specialist property finance market, with platform searches in the first six weeks already half of the total searches for the previous year. There has also been a 22% increase in requests for a decision in principle compared to last year, alongside a 36% growth in broker registrations on the platform.
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