Lender of the year issues £463m AIPs

Lender of the year issues £463m AIPs


Key figures published by London-based short and medium term lender,

Dragonfly Property Finance

, have revealed that the value of its redemptions has risen by a staggering 114 per cent after it received a 48 per cent rise in the number of loan redemptions in the first half of 2012, compared with the same period last year.

The figures also confirm that the number of completions during the first half of 2012 was up by 35 per cent and the value of these completions were similarly 37 per cent higher than the first six months in 2011.

In addition, Dragonfly made 702 Agreements in Principle (AIPs) during the first six months of 2012, compared to 664 in the same period last year, a total increase of six per cent.

The total value of Dargonfly’s AIPs rose by 19 per cent, from £388m in the first six months of last year to £463.5m in the first half of 2012.

Commenting on the increase, Jonathan Samuels, CEO, Dragonfly Property Finance, said: “The short term finance sector continued to go through the gears during the first six months of 2012. AIPs and completions were both up while redemption values were considerably higher, which reinforces the strength of the borrowers currently active in the market.

“The key to the market’s growth over the past two years has been opportunity and liquidity. Professional property investors see a major opportunity in the property market currently and are able to monetise that opportunity thanks to the liquidity afforded by short-term lenders. We expect the market to continue to grow throughout the second half of the year.”

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