By the beginning of August Magnet Capital had exceeded the total amount of new business it wrote in the entirety of 2021, the specialist development finance lender has announced.
The lender now has the largest amount of new development projects in solicitor’s hands that it has seen in its history and its loan book has recently reached new heights.
Ashley Ilsen (pictured), chief executive of Magnet Capital, said: “We work tirelessly to demonstrate that we are a genuinely transparent development lender, a claim that goes beyond generic marketing speak that still seems to be so prominent in our sector today.
“For example, it shouldn’t be a USP that we are completely open and upfront about the fees that we charge.
“In fact, we charge all fees on a net loan amount and are able to concisely lay out the costs of a Magnet Capital loan in a simple one-page format.
“Unfortunately I still regularly see questionable practices of punishing fees and default interest rates still in play around the sector.
“Furthermore, lenders playing in the development finance sector need to understand the building game.
“Magnet Capital is growing as a business because there is rising demand for a lender with genuinely transparent practices.
“We’re exceptionally well-funded and in my 10 years of working in the development finance sector I have never lost or turned down a deal due to lack of funding. This is something that sadly appears to be more commonplace in our sector currently.
“As the economy and our industry move into choppy waters I believe that brokers are becoming more attuned to working with lenders that can be consistent and one that can become the best possible long-term partner for them and their clients alike.”
