BloomSmith completes £1m VAT facility

BloomSmith has provided a £1m-plus VAT facility to a residential property developer in the North East of England, which specialises in permitted developments.

The loan comes after the specialist lender reported an increase in demand for VAT facilities in the region of £1m-2m.

Last year, BloomSmith announced the launch of a new fast-track version of its VAT facility, which allowed borrowers to draw down funding within five days of the application.

Peter Bloom, chairman at BloomSmith (pictured above), said that as the popularity and awareness of its products grew, so did demand for larger VAT facilities.

“While the majority of our loans are between £250,000-750,000, we are noticing an increasing demand to provide much larger facilities. 

“We are very pleased to report strong growth in providing VAT facilities for the owner-occupier market, which continues to expand through introductions from brokers and we are developing another new product that will benefit the investment market.”

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