Six out of ten brokers said that the last time they approached a High Street bank with a proposal for development finance it was rejected.
Despite the snubs, seven out of ten brokers said that they expected to grow their development finance business this year.
Noel Meredith, director at United Trust Bank, said: “Although there still appears to be little or at least variable appetite from the High Street banks to return to the development finance sector in any significant form, specialist lenders like United Trust Bank have stepped in to fill that void.”
“We enjoyed a very successful 2013 with a higher level of proposals and larger facilities agreed. The start of 2014 shows no sign of that trend diminishing and we have increased the funding available to developers in anticipation of another very busy year.”