It targets £1 billion of short-term lending in 2023
Specialist lender West One Loans has reported a strong 2022 performance, with short-term lending, development finance, and bridging completions all posting record numbers.
Short-term lending at West One Loans soared in the 12 months to December 2022 as total completions rose 13% year-on-year to hit £915 million.
Total bridging completions also rose by 12% in 2022, while development finance experienced a 20% uplift. Assets under management also increased significantly, with the development finance team reporting a 37% increase and bridging experiencing a 27% rise.
During the final quarter of 2022, the development finance team celebrated a major milestone as it surpassed £500 million in lending since launching in 2018. In total over the past five years, West One Loans has contributed to the development of more than 1,500 homes across the UK.
In addition to the growth in short-term lending last year, West One said it had delivered its highest ever level of originations for buy-to-let and second charge.
This year, the lender is targeting more than £1 billion in short-term lending as it looks to build on the records it set in 2022. It has also set out ambitious growth targets with bridging and development finance aiming to drive lending higher as market demand continues to rise.
West One’s strong performance contributed to parent company Enra Specialist Finance also achieving record-breaking results in 2022, with overall group lending performance reaching nearly £2 billion and assets under management across the group rising by nearly 40% in the year.
“Short-term lending is a very important part of our business and I’m delighted to report that we lent more than ever before last year,” Stephen Hogg (pictured), chief operating officer at Enra Specialist Finance, commented. “We have set another ambitious target in 2023, and with our hard-won knowledge and experience of lending through different financial cycles, I fully expect us to hit it.
“As a business we are extremely well capitalised, well-funded, and the recent growth in our short-term lending shows just how robust we are. We look forward to building on the success of the past 12 months and continuing to provide reliable funding for developers and property professionals through all market conditions.”
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