Changes include the increase of its largest facility amount and the expansion of its geographical range
Development finance lender Magnet Capital has improved its lending criteria as it seeks to bring its proposition to more SME developers.
The lending criteria changes include the increase of Magnet Capital’s largest facility amount to £2.5 million, up from £2 million.
The lender has also expanded its geographical range to include additional regions in the north of England, as well extending its reach further into Cornwall. Its lending geography now covers all of Southern England and part of South Wales.
Magnet Capital, which specialises in small residential construction projects including new builds, conversions and refurbishments, said it had been running a thorough assessment of its current position in the market, and the changes to its lending criteria form part of its continued growth strategy into 2023.
“We’re almost at our five-year mark and we’ve experienced year-on-year growth,” said Ashley Ilsen (pictured), chief executive and co-founder at Magnet Capital. “We want to continue the expansion of the business and the natural way to do this is by widening our reach in terms of loan size and geography.
“Building a loan book, based entirely on development finance, is no mean feat, but our experience and know-how in this market continues to put us in an exceptionally strong position and sets us apart in what is already a very busy space.”
Sam Howard, managing director and co-founder at Magnet Capital, added that the changes in lending criteria were made in response to feedback.
“We’ve listened to our clients and introducer partners and, based on their feedback, have extended our award-winning service and products to a wider geographical area and increased loan quantum,” Howard said. “We are looking forward to travelling the breadth of the country to visit our new clients across the UK.”
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