After re-entering the short term lending market in 2013, specialist bridging lender Peninsula Finance has laid claim to a successful 12 months.
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div>After re-entering the short term lending market in 2013, specialist bridging lender Peninsula Finance has laid claim to a successful 12 months.
The lender has also launched its brand new website fit with tools for brokers to ease the service they receive from Peninsula. See the new website here.
Commenting on the past financial year, Daniel Palmer, Chief Executive at Peninsula said: “I am very pleased with our performance over the last year. We have been able to successfully implement our lending plans and have received growth in our loan book which has exceeded our initial targets.
“Since June last year we have funded over £6 million in completions and have increased our targets for the next 12 months. Whilst we will always be a smaller lender in the bridging market we are finding that there is increasing demand for our products which are largely tailored to assist small businesses in raising finance and acquiring property.”
Peninsula Finance was established in 2002 and lends throughout England, Scotland and Wales on a first charge basis. Whilst being fully authorised and able to accept regulated mortgage applications, the core of its business is in the commercial sector offering finance products for property auction purchases, new and existing business funding and property refurbishment loans.
Daniel stated: “There is certainly a high level of competition in the short term residential/buy to let sectors, especially in certain parts of England, but there are less lenders who are actively embracing short term commercial opportunities and this remains our key focus. So far we have made our products available via a panel of brokers whom we have strong existing relationships with.”
Daniel added: “However, we are now seeking to increase the size of this initial panel and are welcoming contact from those brokers and introducers that require commercial funding solutions for their clients. We have recently secured further support from our investors bank funder and over the next few months we have plans to increase our product range and the areas and types of finance that we offer so it’s exciting times.”
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