Crystal Mortgages’ results point to an improved lending climate
CRYSTAL Mortgages’ first quarter figures have eclipsed those from the same period last year, with the company also reporting the most completions in a month since the start of the recession.
From January to March 2013 terms were issues on over £94.7m, a 9% year-on-year increase, while completions for the period up by over 40%.
March recorded the most drawdowns in a single month since October 2007, and it is the level of conversion rates that the company has cited for the substantial increase in activity.
Roger Dewsbery, senior underwriter at Walsall-based Crystal, said: “This sharp upsurge in figures is mainly due to a recent increase in products available in the commercial market, the re-emergence of new lenders, such as InterBay Commercial, and existing lenders relaxing product terms.
“In 2012 we utilised 13 different lenders to achieve a record-breaking year across the board, and with that figure expected to rise further over the next 12 months, which may or may not include products from the usual High Street banks, the picture is positive.”
The firm highlighted two key deals which show an improving financial landscape including a commercial term re-mortgage for £450,000 which completed in 16 days and chain breaking finance by a short-term loan lender which completed in four days.
Dewsbery added: “A year ago these deals would just not have been possible in terms of the amounts, the conditions of the lending and the speed of delivery.”
