Brickflow has secured its first exclusive rate from a lender, and expanded its lender panel to include more than 100 lenders.
The exclusive rate, now available to the more than 180 brokerages currently using the platform, was provided by Hana Capital, offering Brickflow brokers bridging finance at 70% loan-to-value (LTV) at a rate of 0.99% per month – a rate normally reserved for loans at 65% LTV, and 0.16% per month, or nearly 2% on an annual basis, lower than 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, Brickflow, said: “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, 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.”
