Magnet Capital has announced plans to widen its lending criteria as part of a growth strategy for 2023.
The specialist development finance lender has completed a thorough assessment of its market position and aims to bring its award-winning development finance proposition to more SME developers.
Key changes to the lending criteria include increasing the maximum facility amount from £2m to £2.5m and expanding their geographical reach to additional regions in northern England and further into Cornwall.
Magnet Capital’s lending geography now covers all of Southern England and parts of South Wales.
The company specialises in small residential construction projects, including new builds, conversions, and refurbishments.
Ashley Ilsen, CEO of Magnet Capital, said: “We’re almost at our 5-year mark and we’ve experienced year-on-year growth.
“We want to continue the expansion of the business and the natural way to do this is by widening our reach in terms of loan size and geography.
“Building a loan book based entirely on development finance is no mean feat, but our experience and know-how in this market continue to put us in an exceptionally strong position and set us apart in what is already a very busy space.”
Sam Howard, director of Magnet Capital, added: “We’ve listened to our clients and introducer partners and, based on their feedback, have extended our award-winning service and products to a wider geographical area and increased loan quantum.
“We are looking forward to travelling the breadth of the country to visit our new clients across the UK.”
Magnet Capital was recently awarded ‘Best Service from a Development Finance Provider’ at the 2023 Business Moneyfacts Awards.
