The additional funds will help the London-based bridging lender as it aims to double the size of its loan book over the next 12 months. MFS has already received in excess of £100m worth of loan applications in the opening six weeks of 2019.
Prices in Aberdeen fell further than any other UK town or city outside London.
The lender, which uses funds provided by its founder Ben Shaw and a number of high net worth backers, was able to advance the loan based on the developer’s assets, which included buy-to-let properties, two garages and other investments.
The newly launched has been targeting the development finance market below £1m. Its pipeline has seen a steady growth, despite the continued uncertainty in the market.
Smuth is Crystal’s first ever head of bridging, as previously David Parke managed two sectors as commercial and bridging director.
The scheme was brought to Octopus Property by John Kerrigan, director at Arc & Co., who advised EREC Estates on the debt structure. This loan represents the largest single development deal completed by the team within Octopus Property.
Just 31% felt that a deal agreed on both sides of the Channel could be achieved by the time the UK has to officially leave the European Union, unless an extension to the 2-year Article 50 timeline is agreed instead.
In the residential sector for the first time two of the top five most popular searches feature adverse credit conditions, with self-employed, one years’ accounts being the top search followed by maximum age at end of term.
In 2018 it made four appointments, moved offices to London’s Mayfair and implemented a new loan management system to support natural expansion.
Tagger (pictured) joins the team from London Credit, and previously worked as a mortgage broker in the Midlands and wealth manager in Dubai.