Over the past three years we have helped 35 borrowers realise their dreams with our investment in projects throughout the Southwest – projects that otherwise might not have happened. At the same time, we have paid over £500,000 in interest to our investors.
There seems to be no change in the mainstream banks’ attitude to lending and therefore continued good opportunities for us to lend. Our interest rate of 6% is still extremely competitive and we are seeking new lenders to join us as we continue to see excellent investment opportunities.
Investor lunch gatherings: We held our first investor event in October, attended by six investors and the four founders of Bricks. We spent three hours together. There were no formal presentations, but we shared stories around some of our loans and answered questions over a wholesome lunch. A question came up about how changing bank rates may affect our business model and we explained that as all of our loans are fixed term and interest, and all of our borrowings are fixed term and interest, we are shielded from bank rate changes, though we are vigilant about how interest rates influence the overall economic situation of course.
We held our second gathering in November which was attended by seven investors and followed a similar path to our first, although for some inexplicable reason everyone drank alcohol whereas the first meeting was soft drinks only!
Since the two events we have received over £1M in additional money from existing and new investors.
The investor events were held at the newly opened Nightjar pub in Aylesbeare, a development by East Devon Estates, a company funded by Bricks and this is the second successful development we have done together.
STEP Conference, Sandy Park, 15 November 2017: We returned to the West of England branch of STEP conference (Society of Estate and Trust Practitioners) held at Sandy Park last month. Bricks has provided short term funds to a number of trusts over the past year and two of our investors are trustees representing family trust funds. This is a cautious but valuable new business area for Bricks.