Funding 365: Loan enquiries up 160% annually
The monitory value of loan enquiries reached £203m for Funding 365 in October, up 160% annually.
Moreover, the lender’s underwriters processed 312 unregulated bridging, light development and 3-year loan applications, up 120% year-on-year.
Within the record month for the lender, it stated the uses for the loans as residential investment property acquisitions, semi-commercial and commercial property purchases, auction completions, landlord portfolio consolidations, business cash flow requirements, refurbishments, conversions and development exits.
According to Funding 365, it responded to enquiries from 43 new brokers in October.
Furthermore, the lender has confirmed it will operate as usual ahead of the second national lockdown.
Mike Strange, managing director at Funding 365, said: “This is really positive news, indicating that the property market is recovering well after the first lockdown.
“Following Robert Jenrick’s confirmation on Monday that the housing market would be allowed to continue operating, provided that it follows the COVID-19 safety guidance, I am optimistic that any disruption to the industry this time will be minimal.”