We have the advantage that we can react quickly. We meet all prospective clients face to face, review the opportunity, value the security and then make a decision based on our collective experience. We only invest when all four of us unanimously agree to do so.
All of our legal work is carried out by leading law firms Trowers and Hamlins LLP and Michelmores LLP, who write our facility letters and take security on the assets upon which we lend.
We made our first loan in May 2015 of £140,000. Today, half way through our second year, we have a current loan book of £3.45M and total loans made to date of £4.95M. We have 14 loans in place and 18 investors.
With our depth of banking, financial and commercial experience, we continue to grow our profitability with no defaults on current and previous loans.
Bricks Supports Local Lawyers: At a meeting of the West of England branch of STEP (Society of Estate and Trust Practitioners) held at Sandy Park conference centre last week, private client lawyers heard of opportunities to help their clients by using local and bespoke borrowing to meet short term financial requirements associated with trust matters.
Richard Pollock, Chairman of STEP West of England, said: “Bricks Finance is a strong option for private client lawyers and they demonstrated some of the success they have already had in providing short term finance to help clients. The response from the STEP delegates was certainly one of the most enthusiastic we have had towards a guest sponsor.”