A developer has secured a £2.39m refinancing deal for a proposed 72-home scheme on the Isle of Wight after using funding technology integrated into LandTech’s LandInsight platform.
Fiduciam provided the land bridge within three weeks, completing the transaction with one month remaining on the borrower’s existing facility.
The developer and its broker used a finance search tool powered by Brickflow, which is embedded in LandInsight and provides access to more than 150 specialist lenders.
The integration follows a partnership announced by Brickflow and LandTech in April. It allows developers and investors using LandInsight to compare indicative lending terms without leaving the site-analysis platform.
FOUR LENDERS RETURN TERMS
The borrower had previously used LandInsight to assess the site’s feasibility and take the proposed 72-home residential development through planning.
Delays to the original delivery route left the developer approaching the expiry of an already extended bridging facility. The existing lender remained supportive but was unable to grant a further extension.
The Isle of Wight location limited the pool of potential funders because some lenders will not finance sites outside mainland Britain.
Brickflow’s marketplace was used to identify lenders whose criteria covered the location, asset type and required timetable. Four lenders returned terms, after which the borrower and its broker selected Fiduciam.
The £2.39m facility completed three weeks later.
The developer is also expected to use Brickflow’s marketplace to seek about £20m of development finance when construction of the 72 homes begins.
Frazer Campbell (pictured), chief revenue officer at Brickflow, says: “This is precisely why we put our technology inside LandInsight. The borrower assessed the site there, took it through planning, and when the funding position became urgent, the whole lending market was already sitting in the platform they were working in.”
Preston Tucker, LandFund operations manager at LandTech, says: “Identifying the right site is only the first step; securing finance is where projects most often encounter friction, and that friction is at its worst when timing is tight, and the asset sits outside standard criteria.
“Giving our users direct access to a market of 150 lenders inside LandInsight means they can act on that pressure immediately rather than starting a new process from scratch.”
