Magnet capital

Magnet Capital celebrates its best-ever month

Magnet Capital has recorded its best month since its launch in 2018, with the highest level of new business written in May.

Enquiries and written business have risen by 33% compared to last year.

Magnet stated that it has benefitted from its consistent approach to lending, which has not changed significantly during the pandemic.

It completed loans in March and April, including its largest loan to date.

Sam Howard, managing director at Magnet Capital, said that the specialist lender had thrived in May by being open for business during this difficult period of time. 

“Whereas other lenders immediately pulled down the shutters, our cautious lending model and years of experience enabled us to make sensible funding decisions — limiting potential exposure but continuing to lend.

“We have a mantra in the office to be the tortoise not the hare and not to bite off more than we can chew. 

“We understand how much value our borrower and broker partners place on consistency and reliability and this is what long-term relationships are built on. 

“We are delighted but not surprised with the recent numbers. 

“The fatigue of the Brexit years, plus the seismic shock of the pandemic, has taken its toll, but SME developers are seeing beyond this and thinking 15-18 months into the future.”

Leave a comment