British portal OnTheMarket has today announced a partnership with property development finance platform company Brickflow.
Founded in London in 2020 and employing a team of 12, Brickflow uses AI to compare data from 120 data points from a range of lenders to find the right finance option for small and medium-sized land developers. Developers give details of their project and can then compare options and have banks bid to loan them the money before managing all the paperwork on Brickflow's platform.
The deal will allow OnTheMarket's agent customers to earn "significant additional revenue" by referring the new home developers that they work with to Brickflow. The size of loans on offer ranges from £150,000 to £150m and the company claims that it has a 90% conversion rate from heads of terms to loan completion.
The partnership is thought to be a first among property portals and is designed to make the most of the good relationships with new home builders that many UK agencies have.
Jason Tebb, CEO of OnTheMarket, said:
“I’m very pleased to have agreed this exclusive commercial partnership, which is designed to help our estate agents generate meaningful revenues by building on their relationships with their developer clients.
“A recent survey of our membership showed that 35% of respondents reported that they made less than £150 per month in ancillary revenue from associated professional services such as mortgages, conveyancing and general insurance. We’re aiming to address this with commercial partnerships which are designed to help agents build multiple income streams across all parts of their business."
“Development finance is a significant opportunity for agents to create more income from an existing part of their business which currently is largely untapped; our new relationship with Brickflow changes that.”
The deal with Brickflow is the latest in a string of partnerships entered into by majority agent-owned OnTheMarket recently. The portal company partnered with image enhancement specialist Autoenhance.ai earlier this month and before that the portal partnered with prospecting tool provider Sprift as it looks to fulfil a goal stated by Tebb last year of providing its customers with a better range of tools.
OnTheMarket recently revealed to shareholders that it was performing slightly ahead of expectations and that it is rapidly approaching breakeven.
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