Bridging lender West One Loans has set a new monthly lending record by completing more than £45m of loans in July.
The figure exceeds its previous best figure of £37m set in June and represents a 22% monthly increase in activity.
This follows on from West One’s strong start to the year which saw it write more than £80m of business in Q1 and confirms its status at the forefront of short-term finance providers in the UK.
The short-term finance sector is averaging around £500m on a bi-monthly basis according to the last instalment of the West One Bridging Index, meaning that West One’s total lending figure for July shows it is now accounting for a significant share of short-term lending activity.
Stephen Wasserman, director of West One Loans, said: “July’s prolific figure also shows that the post-election feel-good factor has well and truly kicked in for the bridging sector. There has been a noticeable uptick since the election result as businesses and developers feel more confident about the UK’s economic prospects without the uncertainties that plagued the country at the start of the year.
“We are confident that the bridging sector will enjoy a strong second half of the year and that West One Loans will continue to be a major player and a first port of call for clients seeking bridging loans.
“Our growth is attributable to a diverse product range and highly competitive rates. Developers and businesses looking to use our products know that they are versatile enough to meet their needs and that this functionality will be backed up by a common sense approach to each individual case that will help to get the deal done. They also know that we cater for all corners of the short-term market from first charges to second charges; and commercial to regulated loans.”