Based out of Utrecht, Benkey is a fintech platform that connects private and institutional investors with real estate professionals and entrepreneurs who want to finance their commercial real estate. The Dutch company has now announced that it is going to finance new construction projects, starting with a housing project in Beverwijk. Until now, Benkey has mediated in the
The Dutch company has now announced that it is going to finance new construction projects, starting with a housing project in Beverwijk. Until now, Benkey has mediated in the financing of redevelopments and transformations, for example converting office space into housing.
“It is great that we are now also going to finance the development of new-build homes,” says Sven Withofs, Managing Director at Benkey. “There is a desperate need for additional housing, and if it were up to the banks, meeting that need would have been more difficult than it already is.”
Alternative for real estate financing
Benkey was founded almost a year ago as a solution for commercial real estate projects that unfairly struggle to obtain financing from mainstream banks.
The developer of the new-build project in Beverwijk, Jan-Willem Dontje of Apex Investments says, “I wanted to take out a short-term loan of €2.85M and that was not possible at the bank, despite the project being in tip-top shape.”
The construction of 47 owner-occupied apartments between 50 and 90 square meters, the development of which started in 2019, can now proceed, the company said in a press release.
Besides offering to finance, the company wants to organise the interests of investors and borrowers differently.
Withofs says, “A lender prefers a high return and little risk. A borrower prefers to pay a low-interest rate and wants to have as much finance as possible.”
He continues, “At the bank, the risk policy will always be given more weight than the interests of the borrower. We want to balance those interests with each other. The use of advanced technology also allows us to do that transparently.”
To ensure that a new-build project is profitable and to map out any risks, Benkey calculates the projects using big data, algorithms, and Artificial Intelligence (AI). According to the company, the financing is usually arranged within a few weeks.
Offers suitable financing
Rory Bertram founded Benkey together with two childhood friends – Mark Gerhards and Daan Smit. From project development to investment properties and from homes to office buildings, Benkey offers suitable financing for all types of real-estate.