A commercial mortgage and bridging loan specialist has reported a record-breaking 2012, with £295 million of terms being issued.
New products and the high street banks’ continuing reluctance to lend to SMEs is paying dividends for Crystal Mortgages, which recorded a 19.3 per cent increase on the £246.3 million issued in 2011.
The Walsall-based firm issued terms of £67.3 million-worth of new business between October and December bringing the annual total up to £295.1 million.
Crystal Mortgages also revealed that annual completions were up 18 per cent year-on-year, while the average loan size increased from £209,965 in 2011 to £213,376 in 2012.
The largest completion in the year was £1.58 million for a near-prime commercial remortgage, and the business utilised 13 different lenders with prime commercial refinance the product most applied for.
The newly launched buy-to-let and bridging loan rates plus the return of InterBay Commercial to the finance market were also hailed as important developments during the period.
Highlights from the last quarter include a £1.54 million development loan secured against a proposed supermarket site in South Wales and the completion of another commercial term loan in just 14 days.
Roger Dewsbury, Senior Underwriter at Crystal Mortgages, said: “The business continues to set new benchmarks, and 2012 has been a record year in terms of the number of new product launches, financial terms issued and level of completions.
“We expect the upwards growth trend to continue in 2013, not only based on the rising number of applications but the imminent launch of two divisions which will bring innovative financial products to the marketplace that cannot currently be found elsewhere. We will disclose more in due course.
“In the face of continuing financial uncertainty for many businesses we have continued to find individual solutions for those who are being shunned by high street banks, and this will continue.”
Crystal Mortgages is an independent commercial mortgage, bridging and development specialist which operates in England, Scotland and Wales.