Record level of new loans signed up in May 2020
Magnet Capital recorded its best month since its 2018 launch, with the highest level of new business written. Both enquiries and written business have risen with an 33% increase on the prior year.
Magnet Capital has benefited from its consistent approach to lending, which has not changed significantly through the pandemic, and continuing its approach of funding the right housing in the right locations. It has completed on loans in March and April (including its largest loan to date, drawing down in April) and welcomed new business.
Sam Howard, Managing Director says “We have thrived in May by being open for business during this difficult period. 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. In these tough times this is certainly bearing fruit.
We are delighted but not surprised with the recent numbers. Whilst the UK continues to suffer from the Covid 19 outbreak and arguably until we have vaccine, life will not return to the normal, there is a real sense that people want to get on with their lives. 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 to 18 months into the future. On that journey and beyond, we will continue to be their partner “