Real estate development crowdfunding site Build Backer has launched an updated online lending platform designed to match property developers with private investors. According to information received from the company the site upgrade has been joined by an increase in its network of lenders to include institutional and specialist lenders in order to work with borrowers with higher value and more complex financing requirements. Build Backer, founded in 2014, states it is now able to provide finance solutions for new builds, heavy and light refurbishments, purchasing land and property from auction, as well as for investors looking to purchase below market value, repossession and distressed property.
“The recent launch of our upgraded platform is a great step towards our goal of becoming the hub of private finance for property development and house building,” said Build Backer founder Tom Ladds.
“Our main focus has always been to ensure the process is as quick and simple for borrowers as possible. That’s why we have one simple information form which, when completed, is distributed to suitable lending sources within our network as well as being posted on the platform if the project is suitable. By taking this whole market approach borrowers are able to better evaluate their options and base their decision on more than just the interest rate offered.”
Build Backer wants to differentiate itself from other property crowdfunding websites in the market. Build Backer explains the lenders lend directly to the borrower, on an individual lending agreement and take a first ranking fixed charge over the asset, which is registered with both Companies House and the Land Registry. The entire process is handled independently of Build Backer by a London law firm to make sure both the borrower and lenders are protected.