Thursday 30 Apr 2015
First financial announcement following recent company rebrand
Crystal Specialist Finance has issued terms on over £213m worth of business in the first quarter of 2015, a full 49% increase on the same period last year.
Covering the period January to March, the Midlands-based, independent, whole-of-market commercial packager, which operated previously under the name Crystal Mortgages, did see a 2% drop in completion numbers with the small decline more than offset by the sharp rise in applications.
Deal highlights included a £750k development loan for a reality television star, £1.2m bridge for a Kyrgyzstani national looking to purchase the stock and trademark of a UK whiskey business, and a commercial term loan to assist with a purchase of a closed library for the mortgage broker to owner occupy.
The company had a record year in 2014 with the business issuing terms of £664.3m worth of business, a full 38.7% increase on 2013, which was further complemented by a 33% rise in completions.
Joe Breeden, managing director of Crystal Specialist Finance, said: "Putting the fantastic Q1 performance to one side for a moment, the deal highlights really cement the reason for the company rebrand, and that is our ability to secure highly specialist deals as well as secure the best options on standard applications.
"In the last three month I would say we have had over 100 applications which are classed as out of the ordinary, and in nearly every single case we have secured finance at very good rates. Our message to brokers is that difficult cases shouldn't be shelved, they should be sent to a professional agency who will assist."
Crystal Specialist Finance, which operates in England, Scotland and Wales, rebranded in April 2015 and has created five core divisions: Mortgages, Bridging, Commercial, Development Funding and Second Charges. Each team is headed by an existing senior member with experience in each respective field.
The company has access to a complete range of commercial products from over 30 lenders, plus its own exclusive funding lines.
Breeden continued: "I am genuinely looking forward to announcing the second quarter results, the new name is in the public domain and supported by a level of marketing activity that we have not undertaken before.
"If we can build on the areas which have almost operated under the radar until now, as well as increase our standard business, there is no doubt in my mind that 2015 will be another record year."