GEQO officially went live on Friday 14th February with plans to complete 250 deals through the platform this year.
The online property finance sourcing portal — which was named after a shortened version of GEt QuOtes — has formally been brought to market by a consortium of three specialist companies: Adapt Finance, Creative Commercial Funding, and Niche Digital.
GEQO allows online comparison for users seeking specialist finance, such as bridging, development and BTL products.
The platform enables both the borrower and broker an opportunity to use technology to apply for a loan, while getting expert service from respected industry professionals who sit behind the site.
The immediate GEQO team currently stands at just two, although when adding the individuals at Adapt, CCF and Niche, there is a larger pool of experienced people looking after incoming enquiries.
Once each lead is assessed, the Adapt team package the proposal to progress through to completion.
GEQO was introduced to the industry at a private event last year and has since amassed 10,000 site visits — with 75% of those being unique visitors — 900 leads, and 31 completed cases.
Now, the platform expects to see 100,000-plus visits throughout 2020, with a target of 250 completions.
“I am so excited entering this phase of GEQO, working closely with [the] award-winning team at Adapt to present a refreshing online property finance sourcing portal for developers and investors, existing and new,” said Aidan Tiernan, CEO at CCF.
“With our combined experience, this partnership can only flourish, and GEQO will develop into a huge success.”
Stephen Burns, part of the Adapt team (pictured above), added that it previously had great success collaborating with Aidan at CCF, who Stephen and Mark McBriar, founder of Adapt, met when he joined their estate agency in the late 1990s.
Since then, and up until around 2010, the pair worked together prior to setting up their separate broker firms.
“…And now with our IT partner, Niche Digital, I really expect GEQO to make a significant impact in the specialist lending space,” Stephen stated.
“Excited doesn’t come close!”
The comparison products have been built around a small number of recognised lenders, each having “proven” service standards, according to GEQO.
The current panel of chosen finance providers are said to offer a comprehensive offering across all areas of specialist lending and includes:
- Octane Capital
- Ortus Secured Finance
- Octopus Real Estate
- Hampshire Trust Bank
- Arbuthnot Specialist Finance
- MT Finance
- Funding 365
GEQO believes that this panel will give the borrower a solution to fit any need, while also providing the lender good levels of work which sit within their individual lending criteria.
The portal also maintains Adapt’s no-fee approach in a bid to ensure leads are being generated to complete, and not to churn fees.
Mark Posniak, managing director at Octane Capital, commented: “We are absolutely delighted to be a founding partner of GEQO and wish them all the very best of luck with the launch.
“We are certain that with the personalities and quality behind them that it will be a huge success, which we hope to be a large part of.”
GEQO’s launch on Valentine’s Day marked the start of its mascot’s relationship with Adapt’s well-recognised chameleon, Frank.
For the original article please visit Bridging & Commercial on Bridging & Commercial/GEQO Launch