The lender has ambitious growth targets for 2023 with development finance and bridging aiming to drive lending higher as market demand rises.

Its latest data shows short-term lending at the company soared in the 12 months to December, as total completions rose 13% year-on-year to reach £915m.

The development finance and bridging teams delivered record origination levels and are now setting their sights on surpassing the £1bn target this year.

During the past calendar year, development finance completions saw a 20% uplift on the previous 12 months and the team at West One are also reporting a 37% increase in assets under management.

During the final quarter of 2022, the development finance division surpassed £500m in lending since launching in 2018.

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The target was reached with the completion of a £15.3m facility for the acquisition and development of 51 apartments and an office block in West Norwood, south London.

Over the past five years, West One has contributed to the development of more than 1,500 homes across the UK.

Guy Murray, head of development finance at West One (pictured above), said: “Demand for our development finance product has grown quickly over the past five years and we are very proud of what we have achieved to date.

“We have built a short-term lending proposition that provides developers with certainty of finance from site purchase through to development of the site.

“In a relatively short space of time, we have helped fund hundreds of developments across the UK and lent more than half a billion pounds.”