Tim Noble is head of lending at Brickflow
In his first speech on the mansion’s space on July 1, Chancellor Rishi Sunak described his vision of monetary as “more open, competitive, technologically complex and sustainable. “
While many corporations in the monetary sector are thinking about moving toward this new “nirvana” – creating open ecosystems and sharing knowledge on virtual platforms – this doesn’t seem to be the case for ad lenders, especially progressive financing providers.
A genuine real estate developer who puts progression financing into a search engine can be forgiven for having been defeated by the features presented; banks, loan advisors, agents and specialized companies sell all their assets, in isolation.
There is no virtual platform that collects knowledge from those many data silos, giving a comparative review of what you have in the market.
Compare this to finding a site on which to expand a property. Here it is simple to get an exclusive review of the sites and houses that are located in express locations.
And in addition to being able to compare plans, prices, descriptors and videos, there are filtering tools, which refine the choice extra. This generation procedure to make data available to all is democratization at its finest.
So why doesn’t this apply to the financing phase of a genuine real estate development?Being locate and access without problems to advertising financing, you could say, is basic to start the project. However, as an industry, we make things difficult.
If a developer uses an introducer such as a loan broker or advisor, the developer will need to inform the developer of everything from the main points of the assets and the plan-making scenario to the costs of the land and structure, the estimated sale value, and the amount of the loan.
After sharing this data with a lender, the presenter will have to spend time repeating the procedure to obtain comparable quotes (and thus give the developer the peace of mind that he gets the maximum competitive quote).
All of this takes time, and even then, the lender has another loan criterion in terms of loan size, deposit requirement, geography, asset type, and borrower profile (in addition, leverage situations and costs can vary greatly depending on those components). How can presenters be sure that their developing consumers get the most competitive quotes?
Introducers and developers cannot buy and compare loans in the same way they do for mortgages and mortgage loans. Both might have liked the lenders, but with more than 50 offers of progressive financing and with so many variables, it is to compare the market on a comparable basis.
Due diligence is key; presenters want to be at the forefront with their wisdom and databases, be aware of new criteria and products, and know which lender is suitable for expressing developer profiles.
Such attention to detail prevents lenders from being inundated with requests outside the point. In many cases, what the borrower needs and what the lender can offer is very different, however, this is only achieved after the lender has devoted time and resources to scrutinizing the project. .
Since the lender has dozens of knowledge issues that they want to collect before they can make a decision, and that it can take up to six weeks to look up to loan estimates in the market, it’s transparent that technological innovation is the answer.
Demonstrating the challenge faced by presenters and developers, its start-up phase, the UK’s first comparison site for progression finance has painstakingly accumulated data on each lender that connects to its platform.
Nine months and with 31 lenders to date, Brickflow has compiled 3,751 insights that are being analyzed and are subtle to keep up with other ever-changing lending models.
To double access to knowledge and achieve some consistency, Brickflow has a unique integration procedure with online teams that allows borrowers to create their profiles and deliver their experiences and projects, ensuring that data is only sent to lenders that fit borrowers’ needs.
And for lenders, the platform’s exclusive generation filters out requests that don’t meet their criteria, and its consistent data format allows for quick decision-making.
In the future, the virtual platform is extended to presenters, eliminating the need for due diligence (saving time) and repaying comparable loans seamlessly (saving money).
Having digitized an entire segment of an industry, anything any presenter or developer has the time or preference to do, Brickflow responds to Rishi Sunak’s call for advanced technology, offering progression financing loan estimates in less time than it takes to boil a teapot.