We now have 19 active loans. We have made total loan offers of over £25 million in the 30 months since we made our first loan in May 2015. In September 2016 we reported total lending of £3.8million and one year later we have more than doubled this with total lending now of over £10 million.
Trust and Estates: Building on our successful loans to executors of deceased estates over the past year we have been invited once again to attend the regional meeting of the West of England branch of STEP (Society of Estate and Trust Practitioners) at Sandy Park in November. Richard Pollock Chairman of STEP West of England said: “Bricks is a strong option for private client lawyers.”
Financial Conduct Authority Update: Being authorised and regulated by the Financial Conduct Authority we’ve adopted best practice guidelines and stress testing for our business. Each quarter we test our business for shocks in interest rates, property crashes and late repayments. This has helped us to plan for changing markets and makes our business safer for lenders. We test a 2% rise in interest rates over 12 months, a 30% drop in residential property values (similar to the Bank of England), and we look at our liquidity needs if our next two biggest loans fail to repay in three months and six months. Further, by retaining our profits we have increased our capital base so that any first losses are covered by over £400,000 of equity.