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West One reports record month as it readies second charge launch

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  • 21/07/2017
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West One reports record month as it readies second charge launch
Bridging lender West One Loans lent £62m across residential and commercial properties in a record June, it said today.

The figure tops the company’s previous record of £53m, in November 2016, and takes the total under management to over £400m.

The growth comes ahead of West One’s impending launch into the second charge market – tabled for the third quarter.

In June, the £62m was lent across more than 70 transactions. A broad mix of business contributed to the figure, including regular cases and one-off large requests for funding, as well as a mix of residential and commercial activity.

Stephen Wasserman, managing director of West One, said: “June was another record month for us, with £62m provided to fund both residential and commercial property loans. The market is growing and remains active, with a solid base of transactions in the marketplace, suggesting it’s in a robust position.

“Nevertheless, the slower growth than previously means the sector remains highly competitive. In spite of that, we have seen a significant rise in requests for our specialist financing and are committed to providing tailored and flexible funding solutions.”

In January, West One appointed second charge specialist Marie Grundy (pictured) as sales director. Grundy will be heading the move into second charge.

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