David Higson, investment director at Blackfinch Property (pictured above), told Development Finance Today that this was in advance of an expected increase in funding.
The lender — which has an average loan size of £4m — provides funding between £500,000 and £10m, and has a loan book of around £100m.
David claimed it had recently surpassed £150m of loans underwritten on bridging and development since its launch.
“About £70m–80m [of that] has occurred in the last 12 months — and we're expecting that to be more in the next 12 months.
“We've got a couple of new investment products currently in progress and we've added a few heads to the sales team.
- DFT roundtable: Aggressive business plans, development delays and managing expectations
- Blackfinch Property exceeds £150m of lending
- Blackfinch Property completes £6.7m loan for Hackney residential development
“So, there's a few reasons why we're expecting more funds to come in and getting new borrowers and brokers on board will be key for us to [put] that money to good use.”
Blackfinch will lend on residential assets, including new builds and refurbs, while it will also provide funding for hotel developments, restaurants, commercial developments, PBSA, care homes and assisted living.
The lender’s investors are high-net-worth individuals who are investing for inheritance tax purposes.
David added that it was open to hearing about all lending opportunities.
“Our investors really value diversity as well, so that's something we're keen to offer them — not just sector wise, but geographically as well.”