May 5, 2015
West One Loans has grown its loan book to £200m, following a strong start to 2015.
Over the last four months, West One says it was added £50m to its loan book, having completed more than £80m worth of loans in the first quarter alone.
Stephen Wasserman, director of West One Loans, said: “The market is continuing to thrive as high street lenders leave borrowers hanging. But while the sector is looking healthy – the industry is issuing nearly £50m of short-term finance every week at the moment, according to the latest West One Loans Bridging Index – we have also been expanding and taking on a number of new hires to help fuel our growth organically. It’s been a fantastic four months.”
The West One Bridging Index suggests annual gross lending now stands as of £2.5bn with West One contributing a significant percentage of this, with £30m of completions in February alone.
Wasserman concluded: “The momentum of West One Loans, and the industry as a whole, is set to endure for the foreseeable future. The stock of the bridging sector continues to rise and both brokers and borrowers are more alert to the possibilities that our industry has to offer. While high street banks are failing to pull their weight, innovative lenders like West One Loans – lenders with a genuine desire to do deals – are doing our bit for the recovery.”