Hope Capital the short term lending and bridging finance house has reported a surge in property finance enquiries.
Hope Capital has reported an increase of 189% in enquiries.
The number of formal loan offers also increased by 20% compared to June 2019.
Hope Capital has also reported that application and underwriting has been three times faster than in the first quarter of 2020.
Over the first six months of 2020, the firm has seen a 14% increase in loans accepted by underwriting and a 31% increase in loans accepted by clients.
Nearly 90% of the new enquiries Hope Capital received in June were for residential property, up from just 50% the previous year.
While 25% of residential enquiries came from the North West of England, 31% of were from borrowers in the South East – the highest proportion for any region.
Jonathan Sealey (pictured), CEO of Hope Capital, said: “These figures are evidence that demand for short-term finance is strong, and growing.
“With lockdown easing, there is a pent-up demand for borrowing as projects that were put on hold in spring are put back in motion.
The strong demand we have seen also reflects the range of products we have made available to meet borrowers’ diverse needs in the post-lockdown world.
Our new Hope Capital Custom Collection gives borrowers all the flexibility they need to cope with the new circumstances in which they find themselves as a result of COVID-19.
“Hope Capital is putting borrowers and brokers in control. Combined with our well-earned reputation for fast, flexible service, this should make Hope Capital their first port of call when looking for short-term finance.”
Matt Lenzie from Commercial Mortgages Broker said: “Hope Capital’s experience appears to be reflected by the wider marketplace, with enquiry levels up by a significant level, particularly for bridging finance and also for development finance facilities.”