"Our technology was instrumental in getting this scheme successfully funded"
- Ian Humphreys - Brickflow
Brickflow has announced a record-breaking first quarter of 2024, demonstrating significant growth in loan searches, Decision-in-principle requests, platform usage and its largest loan completion to date.
The £16.85m development finance deal was completed by Purple Pepper Homes, for a development of 103 flats in Hastings. The developer applied for the loan in partnership with their intermediary, using the Brickflow platform.
From modelling the deal to shortlisting lenders, applying, and getting a Decision in Principle took just a couple of days, a process which according to Managing Director Pierre Lombaard, normally takes several weeks.
Pierre explains: “The funding requirement was a complex one, and it's unlikely we would have been successful had we approached funders directly. We saved weeks of time by comparing lending options on the Brickflow platform and we were able to structure our development funding with our exit strategy of partial long-term retention in mind. This and the ability to create a comprehensive online project appraisal gave the funders more confidence in our scheme and its ultimate success.”
Brickflow CEO & Founder, Ian Humphreys (pictured) adds: “Whilst we have had bigger loans agreed on the platform, this is the biggest loan that has successfully completed, demonstrating that even higher calibre developers struggle to find the best finance options in an opaque market. Our technology was instrumental in getting this scheme successfully funded.”
