Sancus expansion leads to loans boost
By David Craik -
Sancus Lending Group has issued more loans in the first half of this year than in all of 2021 buoyed by expansion in the UK and Ireland.
The AIM listed bridging, development and refurbishment property finance provider, which has offices in the UK, Ireland, Jersey, Guernsey, and Gibraltar, has written £87 million worth of new loan facilities in the first six months of 2022 compared to £83 million for the full year 2021.
Its customers are mainly property developers and investors, professional landlords and construction specialists.
The growth reflects a 62% increase compared with the first six months of last year when £53 million of new loan facilities were written.
In a trading update ahead of the publication of its interim results at the end of September it said the growth had been in line with expectations, ‘supported by the continued maintenance of robust institutional grade credit processes throughout the group’.
It said that it continues to ensure it has access to a diversified pool of funding to support the growth in new loan facilities, including institutional funding lines, the Sancus Loan Note Program and Co-Funders.
The specialist property lender changed its name from GLI Finance last May and appointed Rory Mepham as chief executive officer on an interim basis last June. His role was made permanent last November.
The group has focused on aggressive expansion in the UK and Ireland, with the UK business development team increasing in headcount fourfold since last year. It has a new team based in the North, headed by Mel Fourie and expansion of the team in the South headed by Jaxon Stevens.
Mepham, pictured, said:
“This update reflects the hard work of the teams across all our jurisdictions and is an indication that our new sales teams are settling in and generating business.
These are exciting times for the group and foundations for the continued future growth of the business.”