Development finance lender Magnet Capital has recorded its best month ever since launching in 2018, with the level of new business written having increased by 33%.
The specialist lender targets the development finance market below £2m and is backed by the Richardson family who have equity ownership in the business. Additionally, Magnet Capital has seen enquiries up by 33% year on year, something they attribute to its “consistent approach to lending”, that has not changed significantly through the pandemic.
Sam Howard, managing director at Magnet Capital, said:
“We have thrived in May by being open for business during this difficult period. Whereas other lenders immediately pulled down the shutters, our cautious lending model and years of experience enabled us to make sensible funding decisions, limiting potential exposure but continuing to lend.
“We have a mantra in the office to be the tortoise not the hare and not to bite off more than we can chew.
“We understand how much value our borrower and broker partners place on consistency and reliability and this is what long-term relationships are built on. In these tough times this is certainly bearing fruit.
“We are delighted but not surprised with the recent numbers. Whilst the UK continues to suffer from the COVID-19 outbreak and things may not return to normal for some time, there is a real sense that people want to get on with their lives.
“The fatigue of the Brexit years plus the seismic shock of the pandemic, has taken its toll but SME developers are seeing beyond this and thinking 15 to 18 months into the future. On that journey and beyond, we will continue to be their partner.”
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