Dragonfly Property Finance has reached a new milestone, with loan completions hitting £2bn since its launch in 2009.
The lender, which specialises in short- and medium-term finance, said that the second billion pounds of lending had been achieved in half the time of the first.
It attributed the acceleration to the growth in the size of its team, which now numbers 40; the expansion of its product range; and support provided by the Octopus Group, which acquired the business at the end of 2013.
“We may be one of the biggest specialist lenders out there these days but our collective drive, hunger to lend and ability to adapt to market conditions remain as strong as they were on day one,” said Dragonfly managing director Mark Posniak. “Our team is growing fast, and is now a perfect balance of old hands and young blood that wants to make its mark.”
Dragonfly’s recent activity includes a £30m deal secured against a hotel portfolio; putting up development finance for a £40m apartment scheme in Bayswater, west London; and the £7m funding of a speculative 160-bed student scheme in Coventry worth £12m.
Since launch, the lender has incurred under 0.1% of capital losses, with redemptions approaching £1.4bn.
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