Specialist lender West One Loans has announced record figures for November 2019 – having lent over £100m through the month – with strong performance from all product lines including bridging, development finance, second charge mortgages and specialist buy-to-let mortgages.
Short term lending reached more than £79m in the month, across West One’s bridging ranges, with second charge, development finance and specialist BTL products making up the remainder.
It has been an important year for West One’s bridging business, having already achieved a record month in April of this year, which included completing their largest ever loan. November’s completions of c£80m shows the maturity of the bridging sector in this uncertain time for the property market, as described in their Bridging Index.
West One’s second charge business has also clocked up two other milestones recently: reaching £100m in 2019 completions in October, and in November completing the 3,000th case since launching the product in early 2018. This follows on from the introduction of a series of product and criteria enhancements through the year, combined with an increased focus on streamlining processes, API integrations with key broker partners and plans in 2020 to significantly enhance the West One broker portal platform.
The Buy-to-Let mortgage division is showing real momentum in the latter part of 2019 too, with strong completions in November and a pipeline of applications and offers of over £50m.
Danny Waters, pictured, CEO of Enra Group, West One Loan’s parent said:
“What a fantastic month. It’s particularly pleasing because the performance is now being driven by both our long-established products like bridging and second charge as well as our more recently launched products like development finance & specialist buy-to-let. In the face of continuing Brexit uncertainty West One’s credit appetite remains cautious, but by focusing on our distribution relationships and great customer service we’re continuing to see business come in at record levels.”