Real Estate

Brydg Secures CBILS Accreditation to Provide Relief to Real Estate Businesses

Government-Backed Loans of £250,000 to £5 Million available to support recovery for eligible small businesses in the UK

13 January, 2021, London: — 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.” 

Click here to apply or read more on the BBB site here.

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