Completions pass huge marker, with significant lending growth in two key areas
Specialist lender West One Loans’ short-term lending divisions reported a record in 2023, with completions surpassing £1 billion.
West One’s bridging and development finance teams saw lending increase by over 10% from the previous year, exceeding the goals set at the beginning of the year.
Despite facing a challenging market, the bridging team at West One Loans managed an 8% increase in completions compared to 2022, while its development finance team saw 44% growth in completions.
The assets under management (AUM) for both teams also experienced growth, with the development finance team reporting a 4% increase and the bridging team achieving a 5% rise in AUM.
These achievements by the specialist lender, named one of Mortgage Introducer’s 5-Star Lenders of 2023, contributed significantly to the strong performance of its parent company, Enra Specialist Finance, which also reported a record year in 2023. Based in Watford, Enra disclosed last month that it reached record originations of over £2 billion, with its AUM climbing by more than 20% to reach £2.1 billion.
“While higher interest rates have caused a slowdown in the residential and buy-to-let markets, the bridging sector has proven itself to be extremely resilient,” said Tom Cantor (pictured right), head of bridging at West One Loans. “We’re very happy with how 2023 went, and we have proven that we can meet the needs of borrowers in all market conditions, no matter how challenging.
“We’re glad to say that we have carried the momentum into the New Year, and therefore, we expect another strong year in 2024.”
Guy Murray (pictured left), head of development finance at West One, claimed that while they only entered development finance around five years ago, they have quickly developed a reputation as a lender that will go the extra mile to get deals over the line.
“These are challenging times for developers, but we have developed a product that provides them with certainty of finance from the very first to the last step in the process,” he said.
“With interest rates looking as though they may start to come down this year, we should see conditions begin to improve. That will provide us with plenty of opportunities to grow our share of the development finance market over the coming 12 months.”
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