Arbuthnot Specialist Finance reports record level of enquiries after revising product offering

Arbuthnot Specialist Finance Limited (ASFL) has revealed that October was its biggest month to date, with loan enquiries totalling £108m from 64 credit applications.

The team has £28m of loans in various stages of progression, with the rest of the credit applications in the early stage of processing.  

The most popular products were commercial and residential investment, which made up £70m of the applications.

A further £20m of the enquiries were for its development offering.

These products cover residential and commercial property acquisitions, auction purchases, conversions, and ground-up development.

“It’s fantastic to see the hard work of our team and their dedication to high quality service reflected in our October performance,” said Shoaib Bux, joint managing director at ASFL.

The bulk of the credit applications in terms of loan value came at the end of October, after ASFL relaxed its credit appetite.

ASFL’s residential investment product goes up to 75% LTV with rates from 0.60% per month, for a term of 12-24 months. 

The lender’s heavy and light refurbishment products — both at 70% LTV — start from 0.65% and 0.75% per month, respectively, for a term of 12-24 months. 

Its development product goes up to 65% LTV, with rates from 0.85% per month, with terms between 12 and 24 months.

“During the first government lockdown, we continued to service existing clients and complete pipeline business, so naturally as we moved away from lockdown and restrictions eased, we relaxed our credit appetite to reflect the market which led to the uptick in credit applications. 

“As the short-term property arm of Arbuthnot Latham, we look to fully service the market in the next quarter and into 2021, backed by the bank’s strong capital and our entrepreneurial spirit.”

Since launching last year, ASFL only charges interest on the amount of debt drawn at any time. 

There are no extra fees that borrowers are typically subject to, such as exit, default, and extension fees, early repayment charges, minimum-interest period fees and non-utilisation fees. 

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