Property

Lender reports enquiry surge amid Funding Circle exit



Two development lenders have said they are ready for a potential surge in enquiries following news that Funding Circle would cease offering development finance.

Earlier this month, the P2P lender announced plans to stop all property development funding by mid-2018 in order to focus resources on its core small business offering.

Mint Bridging has already reported a spike in development finance enquiries in the wake of this expected departure.

“Our core team has exceptional experience in this type of lending,” said Sinead Moynihan, head of sales at Mint Bridging.

“The news from Funding Circle has opened new business doors for Mint.

“We’re seeing an influx of borrowers and we’re fully equipped to handle the new enquiries and conversions.”

Likewise, development finance provider Goldentree has now confirmed that it is prepared to refinance Funding Circle and even other lenders, should they follow in its path.

Steve Marsh, managing director of Goldentree, added: “We have been in the development finance arena since the business was formed 17 years ago.

“We’ve never pulled out and never had a higher level of repeat business from our clients, who rely on our consistency.”


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