New peer to peer lending business launches

A new Peer to Peer lending business has been started in Exeter by four well-known and highly successful local business people.

Bricks Financial Limited will fill a gap in the market for swift, bespoke asset based lending to local high net worth individuals and businesses based on a sensible, rapid and transparent approach.

The founding directors have over 100 years of experience between them in the commercial, property, finance and legal sectors.

They include: Clive Banks who has spent 24 years in investment banking and has current interests in wind and solar power projects, high-end property development and film production and who co-founded Xylobands as used Coldplay; Will Michelmore, Senior Partner at Michelmores Solicitors and Chairman of St. Austell Brewery; Jerry Rihll who founded local technology company Digita, an award-winning business which developed financial software for Microsoft, HMRC and for large legal and accounting firms which was acquired by Thomson Reuters in 2009; and Nick Sprague, founder and CEO of processed fruit and vegetable juice suppliers, Cobell Limited and Frobishers Juices, part of a £50m group headquartered in Exeter.

Based at Woodwater House in Pynes Hill, the business was established in late 2014 and its first two transactions alone raised over £1m in funding.

Clive Banks said: “We are local business people who care about local growth and want to put something back into the community by providing ethical and safe asset based lending. We are looking to build a community of investors to help those looking for development finance. Our aim is to improve the return on investors’ cash by earning excellent interest on their deposited funds, with a secured investment that brings benefits to the South West.”

Jerry Rihll added: “We expect the service we offer will evolve and expand in time but for now we are focussing on the South West as a region and the Exeter catchment in particular where we all live and work.

“Our business is firmly anchored in a highly personal and discreet approach and our process is simple and quick – in most cases a 24 hour turn round is possible. It does not rely on personal income or outgoings disclosure, with loans being secured by a charge on assets. We would be happy to hear from anyone with lending or borrowing requirements for periods of 6 months to 10 years.”

Bricks Financial will be holding a Breakfast ‘Evolving Finance Briefing’ for intermediaries including solicitors, commercial agents, surveyors, IFA’s and other professionals in the Exeter area who are likely to introduce new business. Keynote speaker will be Kevin Butler, the former South West agent for the Bank of England and now an independent non-executive director of Western Provident Association and consultant economist at Milsted Langdon LLP.

The Bricks Financial Breakfast Briefing will take place at 8am on 30th June 2015 at Dean Clarke House, Southernhay East, Exeter. Further information is available by calling 01392 241711.