Funding a development project is the most popular use for bridging finance, with one third of those taking it out for this reason in Q2, up 24% year-on-year, the latest result mtf Broker Sentiment Survey has found.
Precise lent £2.4bn in 2017, up from £2bn in 2016, making it the UK’s biggest specialist lender.
And turnover to date this year has already eclipsed the figure for the whole of 2017, with profitability also at a record high. Commissions paid to introducing brokers follow the same pattern and continue at market leading percentages.
Newman has seen a rise in lenders over-valuing the gross-development-value of properties, which can affect whether they come to market.
Aspen Bridging has extended its partnership with VAS Audit to incorporate comprehensive valuation panel management service, VAS Panel.
United Trust Bank (UTB) has appointed Phil Bird, formerly of Arbuthnot Latham and Evan Griffin, formerly of Lloyds Bank as property development managers for its development finance division.
Underwood joins the specialist VAT lender from his own commercial finance brokerage, a member of NACFB. He will divide his time between his home base in Dorset and the Bridging Vat offices in Colchester.
Specialist lender Oblix Capital has restructured pricing across its development finance range so development loans will now be available at a margin applicable to LTV plus three month LIBOR.
Sirius Property Finance recorded its biggest month to date in June, completing on loans worth more than £65m.