Brickflow renews exclusive VAT bridging partnership with BloomSmith
Brickflow has renewed its exclusive partnership with BloomSmith, serving as the platform’s sole VAT bridging finance provider.
The renewed agreement will continue to give brokers using the Brickflow platform access to BloomSmith’s specialist VAT bridging proposition, designed to fund the 20% VAT payment required on eligible commercial property purchases.
Under the renewed partnership, borrowers can access loans from £50,000, equivalent to a commercial property purchase price of £250,000.
Facilities can be funded in as little as 48 hours and are priced from 1.25% per month. The lender also offers transparent fees and says correctly structured transactions benefit from a 100% acceptance rate.
The product is intended to help borrowers increase purchasing power, manage cashflow and preserve liquidity, while brokers receive commission on completion.
Daniel Silver (pictured), head of strategic partnerships at Brickflow, said: “We only give exclusivity to a lender that keeps delivering, and BloomSmith’s performance on the platform made renewing an easy decision.
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“VAT on completion day is a stage that too often gets patched together at the last minute, and brokers should be able to solve it without disrupting the rest of the deal. That is the ecosystem we are building, and BloomSmith is a big part of it. It is what smarter decisions and bigger pipelines look like for our brokers.”
Nigel Smith, chief executive of BloomSmith, said the renewed exclusivity reflected the strength of the relationship between the two firms.
“VAT bridging is our specialism, and that focus is what allows us to offer borrowers a fast, cost-effective route through the VAT payment on a commercial property purchase,” he said.
“We have now worked with Brickflow for a year and consider their platform an integral part of our strategy for connecting to brokers and originating lending opportunities. We look forward to building on the success this has already brought to us.”
