Record year for finance company despite challenging conditions

A Staffordshire finance company has reported record results with major increases in key business performance indicators.

Tamworth-based Crystal Specialist Finance (CSF) issued terms of £2.45bn during 2017 – a rise of 26% on the previous year.

In addition, the value of completions was up 54.9%, completion numbers up 44.8% and applications up by 23.9% compared to 2016.

CSF issued terms with 59 lenders and completed deals with 46, including both high street and challenger banks.

Deal highlights included a two-day bridging loan completion just before Christmas, a £2.2m bridging loan on a property in Ireland and the £430,000 completion of a case declined by several other lenders but ultimately placed with a mainstream bank.

Jo Breeden, Managing Director of CSF said: “The finance industry has had a challenging 12 months, with stamp duty changes and new PRA guidance changing the regulatory landscape. Above this there has been the well documented uncertainty in the economy post-Brexit, so we knew we needed to adapt to grow.

“Through a process of comprehensive education, both with staff internally and with brokers through our roadshows and marketing, we have been able to address these changes and position ourselves as a go-to resource for brokers for their specialist finance cases.

“This hard work has been mirrored in our 2017 results, which are truly exceptional. We will continue to develop and expand our business so we continue to achieve year-on-year growth regardless of market conditions.”

CSF operates across five specialist divisions: Bridging, Commercial, Development Finance, Second Charge Loans and Specialist Mortgages.