See how Brickflow's incredible software helped Botany Homes reduce their deposit by £190k and obtain a 0.8% lower interest rate.
The Client
Botany Homes is a midlands-based developer which specialises in converting period buildings into high-end luxury homes.
The Challenge
Botany Homes’ original lender changed its lending criteria due to Covid-19. This led to an increase in the value of the deposit Botany Homes had to provide, which meant the site became unaffordable. Botany Homes was faced with the unenviable choice of borrowing from external investors or not going ahead with the project at all.
“I found Brickflow very open and transparent and felt the team’s knowledge really added something, especially given the current climate and when compared to people I’ve worked with before who were not able to help. I’d recommend Brickflow — working with them meant less money in and a cheaper rate, so winning all round!”
Our Approach
After searching online, Will Burton, CEO at Botany Homes, came across Brickflow. He put a few simple details into Brickflow’s search engine and it came back with multiple real-time lending options. We put Will in touch with a specialist broker who submitted his application through the Brickflow platform and within 24 hours Will had a lender-approved Heads of Terms that better matched his budget and request to keep interest rates down.
The deal was time sensitive at the start and Botany Homes needed to get the survey organised with the solicitor quickly. Brickflow, the broker and the lender arranged the survey within a couple of days — previously the firm had waited weeks for a survey.
Will thought the loan application was quite easy, especially with his broker and the Brickflow team on hand to provide support. He said his usual experience of the application process was like ‘hitting my head against a brick wall’.
Will was impressed by the transparency between himself, Brickflow and the broker. He was cc’d into every email with the lender and it was clear the bank appreciated the application presentation they received from the Brickflow platform. He felt like the team did their utmost to help the application go through. There was even a WhatsApp group set up between Will, the broker, members of the Brickflow team and the Lending Director from the chosen bank. Communication was easy and far superior to what Will had experienced before.
The Results
Through one of Brickflow’s preferred lenders, Botany Homes reduced its deposit from £450k to £260k and received a 0.8% lower interest rate.