West One Loans Completes £400m Of Business In 2015January 8, 2016
West One Loans completed almost £400m of gross lending in 2015, confirming its status as the short-term finance provider of choice for a significant swathe of bridging borrowers.
With the latest West One Bridging Index placing the total size of the market at around £3.2bn for the year to October 2015, the £392m of loans written by the lender between January and December 2015 mean it accounts a significant percentage of all bridging transactions.
The figures are rendered all the more impressive given that West One lost no capital on the loans it originated, a testament to the robustness of its underwriting process.
The strong annual figures were supported by a particularly prolific second half of the year, during which the gross lending run rate of the business was closer to £500m.
This finish to the year, coupled with the fact that demand for bridging finance shows no sign of slowing, means the lender is confident it can capitalise on 2015’s solid showing in 2016.
Stephen Wasserman, Managing Director of West One Loans, said: “The bridging market continues to grow as an increasingly wide sphere of borrowers recognise the usefulness of short-term finance. But far from being left behind as the sector expands and new entrants seek their slice of the pie, West One continues to lead the charge. We were one of the originators in this space and we remain one if its most flexible innovators.
“2015 was our first full calendar year as part of the Enra Group and the support and guidance they have afforded us has allowed West One Loans to operate on an even higher level than we were previously. Being part of the same group as a specialist loans distributor in Enterprise Finance has widened our reach and influence.
“Bridging looks set to enjoy a similarly stellar 2016, so there is no reason to believe we can’t replicate – or even better – these figures in the coming 12 months. Businesses and developers know that short-term finance is secure, speedy and can be the difference between success or failure for a variety of projects. As the market grows, we will continue to evolve with it and be at the very forefront of what modern bridging looks like. With the latest West One Bridging Index showing that the sector is worth more than £3bn every year, we look forward to helping push it towards the £4bn mark.”