Crystal Mortgages has reported that new products and high street banks’ continuing reluctance to lend to SMEs is paying dividends for commercial finance specialist.
The Walsall-based firm has reported a record 2012.
Between October to December the company issued terms on £67.3m worth of new business bringing the annual total up to £295.1m, a 19.8% increase on the £246.3m issued in 2011.
Meanwhile, annual completions were up 18% year-on-year, while the average loan size increased from £209,965 in 2011 to £213,376 in 2012.
The largest completion in the year was £1.58m for a near-prime commercial remortgage, and the business utilised 13 different lenders with prime commercial refinance the product most applied for.
The newly launched buy-to-let and bridging loan rates plus the return of InterBay Commercial to the finance market were also hailed by the commercial intermediary as important developments during the period.
Highlights from the last quarter include a £1.54m development loan secured against a proposed supermarket site in South Wales, and the completion of a commercial term loan in just 14 days.
Roger Dewsbery (pictured), senior underwriter at Crystal Mortgages, said: “The business continues to set new benchmarks, and 2012 has been a record year in terms of the number of new product launches, financial terms issued and level of completions.
“We expect the upwards growth trend to continue in 2013, not only based on the rising number of applications but the imminent launch of two divisions which will bring innovative financial products to the marketplace that cannot currently be found elsewhere. We will disclose more in due course.
“In the face of continuing financial uncertainty for many businesses we have continued to find individual solutions for those who are being shunned by high street banks, and this will continue.”