West One Loans passes £1bn in short-term loan completions

During the year, completions within West One Loans’ bridging division increased by eight per cent annually, while development finance completions rose by 44 per cent. 

Its assets under management (AUM) grew by four per cent within its development finance team and five per cent within its bridging team. 

The lender said its performance in 2023 resulted in record achievements for its parent company Enra Specialist Finance. Enra completed more than £2bn in originations, a new high for the lender, and saw its AUM rise by a fifth to £2.1bn. 

Earlier this year, Enra announced that it had completed its fourth securitisation, which raised £340m and will support the business’ new lending. This was made up of buy-to-let (BTL) and second charge loans. 

A resilient sector 

Tom Cantor, head of bridging at West One Loans, said: “While higher interest rates have caused a slowdown in the residential and BTL markets, the bridging sector has proven itself to be extremely resilient. We’re very happy with how 2023 went, and we have proven that we can meet the needs of borrowers in all market conditions, no matter how challenging. 

“Advisers appreciate our flexibility, expertise and our determination to get deals over the line, whether it’s developers looking to exit build projects, homeowners looking for funding to deliver major refurbishment projects or anything in between. That has held us in good stead over the past 12 months. 

“We’re glad to say that we have carried that momentum into the New Year, and therefore we expect another strong year in 2024.”

Guy Murray, head of development finance at West One Loans, added: “While we only entered development finance around five years ago, we’ve quickly developed a reputation as a lender that will go the extra mile to get deals over the line. These are challenging times for developers, but we have developed a product that provides them with certainty of finance from the very first to the last step in the process. 

“With interest rates looking as though they may start to come down this year, we should see conditions begin to improve. That will provide us with plenty of opportunities to grow our share of the development finance market over the coming 12 months. 

“We have a strong appetite to lend, and we have the product and the flexibility of criteria to lend to all developers, large or small. So, the message to brokers and their clients is: come talk to us.”