Fiduciam has completed its second year of granting bridging loans in Spain, with total loan originations of €76m in 2019, up from €23m in 2018.
It has now set a lending target of €100m in Spain for 2020.
Cristina Villén, Fiduciam’s originator for Spain, said: “We have strong pipeline for the beginning of the year and we are planning to surpass our 2019 lending milestone.
“There is a large untapped demand for our loans in Spain and we are becoming increasingly well known in the market for our unique offering. Clearly 2020 will be a more challenging year than 2019 but we are entirely ready for it having built a very strong team in 2019.”
Johan Groothaert, chief executive at Fiduciam, added: “We are incredibly proud of our Spanish team.
“Even though expectations were already high at the outset, we are impressed by the strong uptake of our loan solutions in Spain.
“Fiduciam’s lending infrastructure is optimised to handle multiple jurisdictions and currencies.
“We have invested substantial resources in tailoring our loan offering and solutions for the Spanish market, that, together with our investment in our Spanish team is clearly paying off.”
Fiduciam grants loans in Spain for amounts from €400,000 to €35m with interest rates starting at 0.70% per month.
In 2019 Fiduciam entered new regions in Spain, including Catalonia and Castilla-la-Mancha.
It also doubled the size of its Spanish-market team from four to eight during the course of the year.
Fiduciam’s loans in Spain are secured over both residential and commercial property.
Despite its 30% increase in target for the next 12 months, 2020 looks to be a more challenging year with the overall business climate in Spain deteriorating, the real estate cycle having peaked in some regions and new entrants entering the market.