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