Specialist development finance lender Magnet Capital have announced that they have reached £100m of new development enquiries in their first four months since their hard launch. The newly launched lender has been targeting the development finance market below £1m. Their pipeline has seen a steady growth, despite the continued uncertainty in the market.
Magnet Capital MD and co-founder Sam Howard, pictured, said:
“At a time when high street banks and other lenders are proving difficult to borrow from, Magnet Capital’s doors are open, providing access to funds without fuss. This is proving extremely attractive to borrowers and our introducer partners alike, who want to work with a development finance specialist that provides certainty of funds, and that is always at the end of the end of the phone for advice and assistance if required.”
CEO and co-founder Ashley Ilsen said:
“It just goes to show how far being a true specialist provider can take you. The Magnet Capital team have decades of development finance experience and this has been vital in launching a new lender in a tricky market. We market ourselves as a finance partner and I think that in today’s market developers are more interested in working in a funding partnership, rather than with a traditional, ‘unapproachable’ lender. We’re seeing a wonderfully mixed type of enquiries – from new builds to barn conversions and everything in between.”