LONDON, Jan. 13, 2021
Government-Backed Loans of £250,000 to £5 Million available to support recovery for eligible small businesses in the UK
LONDON, Jan. 13, 2021 /PRNewswire/ -- Brydg today announced that it has been accredited as a new lender for the Coronavirus Business Interruption Loan Scheme (CBILS) by the British Business Bank.
Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
The accreditation means Brydg can begin lending under the CBILS programme to businesses with immediate effect. Within the scheme, Brydg will be able to support companies in the real estate industry with loans of between £250,000 and £5 million. The first 12 months of interest may be borne by H.M. Government as a Business Interruption Payment.
Brydg's real estate lending marketplace has already facilitated nearly £1 billion in property-backed loans since inception. The real estate sector is an integral part of the UK economy that contributes £180 billion annually to the United Kingdom GDP and represents 18% of all UK SMEs. This sector is serviced by almost 15,000 mortgage brokers which require advanced technologies in order to better service their clients, especially in a post-Covid environment. Brydg's sophisticated financing platform enables them to service the CRE sector and to automate significant tasks in the financing process. This allows Brydg to provide scalable solution to brokers and investors to complete deals more rapidly.
Daniel Bendavid, Director of Brydg added, "At Brydg, we are uniquely positioned to fund deals at scale with our experienced team, long-standing broker relationships, and advanced technology which streamline the real estate financing process. We're excited to be working with the British Business Bank to provide rapid relief and support businesses in the UK in these challenging times."
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About Coronavirus Business Interruption Loan Scheme (CBILS)
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Department of Business, Energy and industrial Strategy.
Founded in 2014 and headquartered in Mayfair, London, the Brydg group of companies is the most advanced real estate lending experience available for institutional investors and loan originators.
Brydg believes the world of lending is broken and is on a mission is to help people unlock the value of tomorrow in their assets of today. This means providing credit in order to realise proﬁts of potential through a sophisticated and proprietary, AI assisted underwriting approach, which is formed through decades of lending experience coupled with advanced technologies and data science.
In this pursuit, Brydg has originated over £1 billion of loans funded and has built a trusted and coveted reputation amongst family offices, institutional investors, debt advisors, and real estate developers.
Brydg's team is the quintessential fusion of real estate and credit veterans coupled with serial innovators and quantum technologist. Together, they are capital futurists with an ethos of innovation, speed, transparency, and risk management.
Brydg Capital Limited is authorised and regulated as a credit broker by the FCA.
Visit brydg.com for more information.