Commercial First Mortgages (CFM) is to recruit 40 staff in the next six months following its launch in December 2002.
Stephen Johnson, director of CFM, said the new employees would take the total number to 60 and that the lender aimed to have completed £200m worth of applications by the end of the year.
Johnson said he was targeting a total of £1bn by the end of 2005. Although Johnson said prices in the commercial market had been deflated, he said volumes were good, and being driven by smaller commercial companies looking for an alternative to the high-street lenders.
Most of the staff will be based in CFM’s head office in Brentwood, Essex, although Johnson said a team would be put together to work in Skipton with HML, its third-party administration outsourcers.
A national sales team is also being put together that will be regionally based. Johnson said: ‘I am assessing our business development needs and once I have quantified exactly how many people I need, we will be looking to sign up some big hitters quickly .’
Elsewhere in the commercial market, Savills Private Finance (SFP) had its best year in the sector, arranging £250m worth of commercial mortgages.
Stuart Robinson, director of SFP, said: ‘We are optimistic about the prospects for the division and are aiming to double in size during 2003.’ He is also expecting staffing levels to grow in accordance with new business.