Wednesday 29 Jan 2014
Crystal Mortgages has reported it's best financial year in the company's 35-year trading history, and stated figures will improve further in 2014 as high street banks continue to decline SME business.
From October to December 2013, terms were issued on £142.9m worth of applications giving an overall figure of £479m for the year. These statistics place the company 62% up on 2012, and 14% up on the previous best year of 2008.
Annual deal highlights include a £20m development loan in Woolwich, a £3.75m leveraged management buyout, a £900k bridge-to-let, a 100% loan-to-value application for £750k for a stalled development and a 12 day reduction in average case processing time for the year.
While completions for the year were also up by 35%, the company believes this figure should be better.
Joe Breeden, director at Crystal Mortgages, said: "In 2013 we utilised 19 lenders to complete all applications, but reading across the data there is a lot of fall-out and this can be directly attributed to shortage of products in the marketplace and the lack of flexibility with the approvals processes.
"Throughout 2014 we will see far more new products come to market which will mean easier deal placement, and the increased competition in the bridging market is welcome. These factors will definitely boost our acceptance levels once the initial applications have been assessed and agreed.
"In addition we are working towards a shift in attitudes from SMEs whereby a specialist distributer, with a whole of market panel, will be the first port of call rather than a high street bank. This is not an easy task, but the market is seeing a paradigm-shift in the behaviour of those seeking finance."