Specialist lender West One Loans has hit the £1bn lending milestone within the development finance sector.
West One Loans launched its development finance offering in 2018 and said it managed to reach the milestone in a “relatively short” time.
The lender has funded more than 250 development sites across the UK, and said this was achieved while dealing with challenges like Brexit, the Covid-19 pandemic, build cost inflation and higher interest rates.
It aims to reach the £2bn milestone in the next three years by continuing to support SME developers.
Guy Murray, co-head of short-term finance at West One Loans, said: “I began life at West One as an underwriter – what seems like a lifetime ago now – and have watched the company evolve, whilst also having the opportunity to progress my own career, first to head of development and then co-head of short-term finance.
“I’m incredibly proud of the journey we have been on and this momentous milestone signifies both the growth and achievements of the specialist lending sector as a whole, as well as the outstanding team that makes West One a leader within the sector.”
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Murray added: “We’ve learnt a lot along the way and this has allowed us to continuously evolve our position within the sector for the better and, as a result, we’re confident that the next £1bn in lending will come at a far quicker pace.”
Last year, it combined its bridging and development finance divisions into one short-term lending arm.
