Some £150m of the £1.1bn of enquiries generated have been approved under the three-stage application process.
Based on this performance, the platform is expected to evaluate more than £4bn of loans in 2023 — a 400% increase on its business plan.
Launched in July, Hilltop Credit Stream was created to help borrowers access capital efficiently, as well as facilitate communication and cooperation between internal and external teams — including brokers, underwriters, lawyers and executives — throughout the entire process.
Borrowers can sign up online and complete the three-stage application process, which can take from 48 hours to complete, to secure development loans from £5m-£100m.
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Paul Oberschneider, CEO at Hilltop Credit Partners (pictured above), said: “SME borrowers, the lifeblood of the UK housing market, remain hugely underserved by lenders.
“Although the for-sale market is likely to slow in a higher interest rate environment, the structural need for new housebuilding in the UK, and capital to fund it, remains intact.
“While remaining methodical in our approach, we will support entrepreneurial clients with our flexibility, competitive pricing and certainty of funding, to ensure they can deliver affordable, high-quality, sustainable homes in strategic locations across the UK.”
Justin Galvin, CTO at Hilltop Credit Partners, added: “The incredible demand we have witnessed in the four months since launching Hilltop Credit Stream demonstrates the robustness of the UK development finance landscape and the borrower appetite for a streamlined development loan application to access institutional funds.
“Harnessing the power of fintech in tandem with a best-in-class customer-centric proposition has enabled us to transform the underwriting process and set a new standard for the alternative lending sector.
“It also allows us to provide our investment partners with real time data, which will materially enhance any future capital raising ambitions.”