FutureBricks has completed its transition from peer-to-peer lending to unregulated corporate lending.
In June, FutureBricks announced it had decided to leave the retail P2P space because of the regulatory burden impacting the “potential commercial viability of P2P”.
Earlier this month, the property investment platform repaid all of its retail lenders to give them an early exit from its three live loans.
FutureBricks is now focussed on growing its business-to-business lending side by onboarding more institutional lenders. It then plans to launch Brickway, a one-stop platform for financing and expertise aimed at small- and medium-sized enterprises (SMEs).
Read more: P2P property: Rolling with the punches
“It is a step into a territory filled with possibilities as we are the first one to tap into this space in the UK,” FutureBricks said in an email update to lenders.
“FutureBricks’ team is preparing for the launch of the new proptech business: Brickway, a one-stop-platform for SME housebuilders.
“We are extremely grateful that FutureBricks has built a loanbook of nearly £5m to date and, as we move forward, corporate and institutional funding lines will act in synergy to significantly grow our loanbook.”