FinSpace, the fintech-driven brokerage specialising in regulated and unregulated finance, has introduced a new appraisal tool called Propflex.
The tool, designed to help property developers and investors appraise their projects before making financial commitments, is part of the company’s ongoing tech-focused strategy.
Founded in 2018 by Graham Beresford and Jaffer Abbas, FinSpace initially focused on bridging and development finance.
The firm has now expanded into secured loans and increased its workforce to 28 in 2023. Propflex is a result of the company’s commitment to leveraging technology to revolutionize property financing.
Graham Beresford, FinSpace managing director, said: “The incredible growth of FinSpace in such a short space of time would not have been possible without clients and lenders who have supported the business since its inception in 2018.” He added that the past year has been spent building out their tech team and roadmap.
FinSpace’s technology strategy is two-pronged: ensuring that brokers can process applications with minimal touch while maintaining compliance, and providing customers with full transparency on their applications from initial options to completion.
Propflex is the second part of this strategy, aimed at borrowers. It will enable customers to source land/property, finance it, and then market the new stock all through one platform.
Jaffer Abbas, co-founder and CTO, added: “Our tech products, although built and maintained by our tech team, are heavily influenced by the rest of the team. It is only through customer and lender-facing experience that we can truly deliver a solution which is adopted by the target audience.”
Developers can currently use Propflex to create appraisals, quotes, and projects under one platform, streamlining the entire process and ensuring a comprehensive solution for property financing.
