Shawbrook Bank has achieved £250m of lending to small and medium-sized property developers across the UK in its second full year of operating in this market.
The milestone comes just 22 months after the bank entered the development finance sector. In its first full year of operating in the development finance market, lending to developers surpassed £100m and Shawbrook is on course to more than double that figure in its second year.
Terry Woodley, director of development finance at Shawbrook Bank, said: “We have been building our development finance proposition for the past 22 months and we are very happy at how fast it has grown.
“We have big plans for our development finance business, including significantly increasing both the number of people in the team and the amount we lend over the next year.
“One of our major advantages is that we are funded by deposits, meaning we have a steady stream of funding to keep the lending tap on all year round.
“The bank sees development finance as one of its key areas. We are determined to become the lender of choice in this space.”
The bank has helped fund more than 500 units to date, including residential refurbishments, student accommodation and mixed-use schemes.
During the second year of operation, Shawbrook’s development finance team has trebled in size from five to 15 people, with more recruits expected to follow in the next 12 months, allowing the lender to build a national reach.