Provide Finance, the platform to source and secure specialist finance solutions, has reported a 60% uplift in enquiries in Q1 2023 after launching a year ago.
The platform has already processed nearly £40 million of specialist finance applications and is growing quickly, with a 50% increase in the number of brokers using Provide in the last six months.
Data from the platform show that the most popular form of business finance in the last 12 months has been short-term loans, accounting for 55% of all business finance enquiries. The most popular areas of specialist finance have been commercial and buy-to-let term mortgages, each accounting for 30% of all property enquiries.
Provide Finance is free to use, allowing brokers to research the best lending solution for their clients, submit enquiries and make applications. The platform features a panel of more than 200 lenders that specialise in commercial mortgages, mortgages for residential investment properties, bridging finance, property development and refurbishments, HMO lending and business finance.
In addition, Provide has a team of specialist advisers on hand to offer help and guidance, either over the phone or using the online chat facility.
Unlike standard sourcing platforms, Provide recognises the bespoke nature of many specialist finance enquiries. Borrowing requirements are then matched with lenders that can lend against their particular criteria and those lenders are invited to propose terms for the loan. Brokers can then talk directly with lenders that match their enquiry through the platform and can quickly agree terms to process their loan.
Miranda Khadr (pictured), founder of Provide Finance, said: “We are really pleased by the rate at which Provide is growing. The last six months, in particular, have been challenging for brokers as many lenders have contracted their lending appetite, making it harder to source the right solutions for their clients. Provide has developed a solution for this – giving brokers access to a much wider range of lenders than they might ordinarily consider and making it easier for them to secure the best terms on a deal.
“It’s also supported by our team of specialist finance experts, of course, and we’ve found that this partnership approach has been fundamental in getting deals across the line.”
