Cheval posts 57pc rise in bridging loan book
Cheval claims it's seen a 25% increase in the number of agreements in principle issued in the six months to the end of April fuelling a 57% leap in the size of its loan book in value terms.
A combination of new products, strengthening of key introducer relationships and delivering service excellence are seen to be key reasons for the boost to business which has enabled the lender to increase its share of an increasingly competitive market.
A market report recently published by the Association of bridging Professionals revealed that in the six months to February 2012, Cheval led the way each month in case volumes with an average market share of 13.8% of all new short-term loan completions by AOBP members.
This is up from 4.6% in the previous 6 months.
Gavin Diamond, finance director at Cheval, said: "We are very proud of our recent achievements and are well ahead of the targets that we have set ourselves.
"The fact that we've been able to increase our market share without compromising on the quality of new business written is particularly encouraging. It reflects our ability to provide a competitive market proposition and, most importantly, deliver on our promises.
"Our shareholders have made it clear that additional funds are available to support continued growth and we look forward to continuing in a similar fashion over the coming months."
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