"This is a great example of how transparency can stimulate competition within a traditionally opaque market"
- Ian Humphreys, CEO and founder of Brickflow
Brickflow has secured its first exclusive rate from a lender and has expanded its panel to include over 100 lenders.
Its platform allows users to compare bridging finance, commercial mortgages and development finance from across the market.
The exclusive rate, now available to the 180+ brokerages currently using the platform, is provided by Hana Capital, which is offering Brickflow brokers bridging finance at 70% LTV at a rate of 0.99% per month.
The rate is normally reserved for loans at 65% LTV and Hana Capital is offering Brickflow users a discount of 0.16% per month, or nearly 2% on an annual basis, on its usual rate.
With access to platform data, the lender was able to see where they ranked on price compared with the rest of the lender panel, and lowered their rate accordingly in a bid to prove more competitive to potential borrowers.
Ian Humphreys, CEO and founder of Brickflow, commented: “We launched Brickflow with the aim of providing greater transparency for borrowers, brokers and lenders, in order to facilitate cheaper borrowing and more deals. 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, added: “To conduct a competitor analysis and establish where we sit within the market would normally take days, if not weeks. 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.”
