Exeter and East Devon based Bricks Finance has announced that the business has now been authorised by the Financial Conduct Authority (FCA). The FCA is the UK’s financial regulatory body overseeing the conduct of financial firms that provide services to consumers and it regulates all conduct related to the marketing of financial products.
Bricks Finance, which made its first loan in May 2015, currently has a loan book of over £5 million and has made loan offers over its first two years of £14 million.
Founder Clive Banks said: “To be authorised by the FCA is a significant achievement and reassures our investors that we have the appropriate regulatory and operational infrastructure in place. It is independent proof that Bricks is a trusted and professionally run company.”
Bricks specialises in short-term bridging loans and loans for commercial property developers to help them fund the gap between the beginning of a development project and the realisation through sale. Investors can be assured that their money is financing local property projects and is backed by a charge against real property assets.
Clive Banks added: “As well as the confidence of knowing Bricks is regulated by the FCA, Bricks investors can take comfort from the fact that we would pass the Bank of England’s recent Stress Test of a 31% fall in the value of UK residential property prices.”