Lendhub announces a record number of facilities in Q2 ahead of stamp duty deadline.
The announcement comes during a period of rapid growth for the specialist lender, who reported a steady rise in applications in the first half of 2021, with Q2 exceeding all previous records.
As the stamp duty holiday came to a close, Lendhub noted a 66% increase in applications from Q1 to Q2, and a 110% rise in DIPs. The size of the facilities provided was up 40% compared to the start of the year, with the addition of Lendhub’s largest ever loan in June – a £13m facility refinancing a 15-property portfolio.
A popular product has been Lendhub’s refurbishment facility, which has seen a 200% increase in applications from the first to second quarter. Notably, their light refurbishment product has enabled a group of property professionals to acquire and develop a prime location mews property in central London. Costas Arpapi, BDM at Lendhub, was able to structure the £3m facility at 54% LTGDV, even though planning decision hangs in the balance for change of use of the ground floor from office space to residential.
Further completions included a £400k bridging facility agreed at 65% LTV and 0.65% monthly interest, and a £720k medium refurbishment loan offered at 65% LTGDV.
Commenting on Lendhub’s Q2 success, Christopher Adamou, Managing Director, said “It’s been an exciting start to the year for Lendhub, we have achieved many milestones and been fortunate enough to experience substantial growth. The team has also expanded to ensure our service and proposition remains ahead of the game.
“As an innovative, dynamic business, one of our core principles is to ensure we are perfectly aligned to the needs of our brokers and borrowers, focusing on the process and experience of placing an enquiry through to completion. We are looking forward to keeping up the momentum with a number of exciting developments and releases for the remainder of 2021.”