Short-term lending grows 180% year on year says nAcFb


by Yuan phoon


Short-term lending grew 180% over the last 12 months, the National Association of Commercial Finance Brokers claimed last month. Adam Tyler, chief execu-


tive officer of the NACFB, said: “Short-term lending rose by a whopping 180% over the last year. Our asset finance brokers in particular have struggled to find funders, but there has been an increase in the number of smaller lend- ers coming into the market to try and fill some of the gaps in funding we have seen over the last few years.” The NACFB survey cited a


108% increase in both bridg- ing and development busi- ness levels from £1.36bn to £2.84bn.


United Trust Bank an-


nounced in August that it too had seen a significant increase in enquiries launching new in- terest rates across its bridging range. The bank launched the new lower rates together with product improvements to the intermediary market the previous month, with both unregulated and Financial Services Authority regulated loans available from 0.85% per month. Alan Margolis, head of


bridging at United Trust Bank said: “We are very pleased with the positive re- sponse from intermediaries to the recent interest rate reduc- tions. This is a highly com- petitive market and we re- main committed to delivering our award-winning service excellence.”


dragonfly snaps up Maslow capital by Yuan phoon


Dragonfly Property Finance has acquired mezzanine lender Maslow Capital in a deal which includes the brand and its multi-million pound loan book. Specialist mezzanine and


development loans will con- tinue to be offered through the Maslow Capital brands. The acquisition of Maslow


adds seven more staff to Dragonfly, nearly doubling the previous eight who worked at the lender. Jonathan Samuels, chief


executive officer at Dragon- fly, said: “Maslow Capital are heavyweight players in the


mezzanine loan sector. Their expertise and reputation will help us build on our existing strengths and accelerate our expansion into the mezza- nine market. “With our development


and mezzanine operation now in safe hands, the Drag- onfly team can continue to focus their energy on con- solidating our position as the market’s leading provider of bridging, buy-to-let, second charge and house in multiple occupation loans.” Ellis Sher, director of


Maslow Capital, added: “In just two years, Dragonfly has established a dominant posi- tion in the property finance


Earlier in the year, Tiuta


had also announced it had achieved a record breaking month attributing the growth to a new business strategy and the appointments of business development managers, Ga- reth Lewis and Kirsty Bu- chanan. Yousouf Roze, director at


First 4 Bridging, said: “The increase in short-term lend- ing is probably due to the fact that a lot of lenders have entered the market place re- cently making it a lot more buoyant. “Another factor which is


helping is that lenders have been a bit more positive in their lending criteria in terms of LTV and rates. Certainly in the last 12 months we’ve seen business levels and en- quiries have increased.”


sector and in a market that has seen most balance sheets diminish. Their mix of skills, origination capability and formidable funding is a true differentiator. “We are very excited about


combining our strengths and expanding the solutions we offer to professional property developers.” Daniel Churchill, direc-


tor of Commercial 1, said: “Maslow and Dragonfly are a perfect fit and their com- bined knowledge and skill-set in the development and mez- zanine finance arena will add great value to this growing and increasingly important sector.”


News in brief


• Tiuta was placed joint 21st on the Council of Mortgage Lenders gross mortgage lending figures for 2010. It also completed £16 million worth of loans in June and brought in over £10 million in redemptions.


• Cheval launched a product targeted specifically at individuals looking to snap-up property at auction.


• Paradigm Mortgage Services added Lowry Capital to its panel of Bridging Panel.


• Blemain Group reported it now employs 350 staff and has strengthened its HR approach with an investment into Cascade HR, an integrated IT system.


• United Trust Bank launched a new bridging product range including unregulated and FSA regulated loans available from 0.85% per month.


• Cheval increased its maximum loan to value on residential first charge loans to 75% with a rate of 1.5% per month.


• West One Loans completed a bridging finance deal for £1.9m in less than a week.


• Precise Mortgages joined the Association of Short Term Lenders.


bridging introducer september 2011 5


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