OnTheMarket has signed a deal with Brickflow, a new development finance comparison site.
The portal says the partnership will provide member agents with the ability to connect their property developer clients with lenders and earn referral commissions on land deals.
The Brickflow platform is primarily aimed at the SME developer market, which has historically suffered from a lack of choice as well as difficult access to development finance solutions.
OTM says the deal is the first of its kind among portals.
Brickflow says that once an agent registers as a Brickflow user and enters developer project details, the Brickflow platform compares loans from over 35 lenders.
Using algorithms and querying the characteristics of each lender, Brickflow matches development finance options to the project.
Brickflow claims that the conversion rate from term leads to loan completion is over 90%.
Loan offers range from £150,000 to £150 million and are available for new build, conversion and permitted residential, commercial and mixed-use development projects.
OnTheMarket agents who successfully refer leads for development funding through Brickflow will receive a commission on fees resulting from completed transactions.
Up to 50% of the relevant fee is offered for the first transaction, and up to 25% for subsequent successful installation requests by the same customer.
Using an example of an initial £1.5m development loan, estate agents could earn around £7,500.
OTM Managing Director Jason Tebb said, “This exclusive business partnership…is designed to help our real estate agents generate meaningful revenue from their relationships with their developer clients.
“A recent survey of our members showed that 35% of respondents said they earned less than £150 a month in ancillary income from associated professional services such as mortgages, conveyancing and general insurance .
“We aim to solve this problem with business partnerships designed to help agents create multiple streams of income across all parts of their business. Development finance is an important opportunity for agents to generate more revenue from an existing part of their business that is currently largely untapped; our new relationship with Brickflow changes that.
Tebb goes on to say, “There are many agents who have excellent relationships with local developers and SME home builders and some companies have dedicated new home departments which help generate significant fees. These developers have always struggled to find funding and to make clear comparisons between the options available to them.
“Brickflow allows these developers to maximize their financing opportunities while galvanizing the relationship with their local realtor, all through OnTheMarket.”
Ian Humphreys, Co-Founder and Head of Finance at Brickflow, adds: “Our team of development finance experts guide developers through the process of applying for funding and can help if needed, which significantly speeds up the process. loan approvals, which means financing offers take hours. and days, rather than weeks.