Property developers and intermediaries will collectively waste over 14,500 days searching and applying for loans in 2022, predicts development finance comparison site, Brickflow.
Brickflow co-founder and head of lending, Ian Humphreys, says while it traditionally takes around 70 hours to search for lenders and complete a development finance application, his tech platform helps users perform the same task in 20 hours or less.
Ian estimates developers and intermediaries spend nearly a third of their time searching for development finance; Brickflow uses algorithms, searching over 120 data points across 36 lenders, presenting finance options within two minutes.
Developers are able to choose their preferable lending options, use online onboarding tools and access expert help, where necessary, to complete applications which can be sent to up to five lenders in the deal forum’ (similar to a competitive tender). Conversion rate from Heads of Terms to completion is over 90%.
Ian comments: “Development finance lending topped £9.3 billion in 2020 and if we assume an average loan figure is £4 million, it equates to 2,325 development finance applications taking 50 hours longer than necessary. When you divide this by an 8 hour day, it’s a staggering loss of time.
“Add to this the frustration of nearly one in three SME house builders citing a lack of finance as one of the biggest barriers to progressing projects and it’s clear Brickflow is a no-brainer.”
He concludes: “According to YouGov research, saving money and spending more time with the family are popular New Year’s resolutions for Brits so I’m pleased we can help people achieve this.”