Dad and Daughter duo have launched Racefields Exchange, a place were borrowers and lenders deal directly without using brokers. Nicola Fernandes and David Gammond have created a web site which they plan to be the UBER or the Airbnb of the property finance world.
The vast majority of lenders will deal directly with borrowers and the vast majority of borrowers would like to deal directly with lenders, so why not let them? Racefields Exchange does exactly that, and at a fraction of the cost of using a broker.
“Specialist brokers have a role to play but with property professionals raising billions and with around 3,000 lenders out there looking for deals it’s time to connect the two to increase efficiency and to cut costs.” Said David Gammond. “With so many lenders in the market interest rates are increasingly under pressure. Dealing direct using Racefields Exchange makes sense as the cost of doing business is substantially reduced and lenders can fund the deals they really want to. Before Racefields Exchange many lenders tried to fund everything a broker sent them for fear of losing further introductions, that no longer applies because on the Exchange every lender is offered every deal. It makes sense for borrowers too, presenting a loan application to as many lenders as possible attracts those lenders who will provide funding at advantageous rates and who understand the complexities of the deal being offered”.
The Racefields Exchange is open now for business. Go to www.racefields.com