Former peer-to-peer property lending platform FutureBricks has joined the Financial Intermediary and Broker Association (FIBA).
Members of the trade body can now access the lender’s development and bridging finance for property development projects to small- and medium-sized enterprise (SME) housebuilders.
FutureBricks, which completed its move to unregulated corporate lending in July, said it aims to deploy £1bn in the next two years in these areas, focusing on both new and experienced SME developers.
The property investment platform is focussed on growing its business-to-business lending side by onboarding more institutional lenders and then plans to launch Brickway, a one-stop platform for financing and expertise aimed at SMEs.
“I am absolutely delighted to announce that FutureBricks has joined FIBA’s lender panel,” said Adam Tyler (pictured), executive chairman at FIBA.
“There are an increasing number of development finance opportunities for our members, alongside those in the short-term space, so this is a really welcome addition.
“As a lender, FutureBricks is showing strong confidence in our membership and I am really looking forward to enhancing our relationship in the coming years.”
“FutureBricks is already an innovator in the provision of bridging and development loans, specifically to SME developers and for more complex loan proposals,” said Gareth Ward, senior underwriter at FutureBricks.
“We recognise there is huge potential demand for our smaller value, shorter term bridging and development facilities and our quicker and fuss-free lending.
“By aligning ourselves with FIBA, we are now more easily identifiable to brokers and borrowers in this sector and we can expand our offering to a much wider group. We are pleased to take this step and look forward to discussing these upcoming opportunities.”
In June, FutureBricks said it had decided to leave the retail P2P space because of the regulatory burden impacting the “potential commercial viability of P2P”, then in July repaid all of its retail lenders to give them an early exit from its three live loans ahead of its full transition away from P2P.