Briqwise is a peer-to-peer platform for SME real estate financing, enabling entrepreneurs and small business owners to submit a credit application without having to manually submit supporting documentation.
By partnering with YTS, Briqwise are now able to provide a way to finance their commercial properties, providing a service to aid SMEs in their post-pandemic recovery under challenging economic conditions. Under European PSD2 regulations, YTS’ Cashflow Analyser can map out cash flows reportedly within minutes, which, with applicant consent, can provide a first indication of the financial health of a company over the past 18 months. Due to the amount of data available, the tool can factor in both pre-and post-pandemic finances for those businesses who may have experienced fluctuating sales and revenue due to the impact of COVID-19.
After submitting a request for the desired loan amount, an applicant is then able to review and share their financial history with Briqwise, via the Cashflow Analyser portal. Once submitted, Briqwise takes care of the rest of the credit assessment, after which a lending decision is made. The tool enables Briqwise to make more informed and faster affordability assessments whilst improving the user experience for SMEs who can receive a quicker response to their application. PSD2 not only simplifies the initial assessment of applications, but also annual revisions to loans.
In the coming months of 2021, Briqwise will further develop the connections for all services, including those with YTS, so that the full service package via API connection will be available at the end of the third quarter.
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