The loan that took Brightstar over the £1billion mark was a £430,000 bridging loan introduced by Louise Oliver, a broker with Mortgage Advice Bureau, and placed with Precise Mortgages.
The bridging loan was raised to purchase a property for the borrowers’ son to live in where speedy access to funds was essential to securing the property.
Brightstar has increased staff numbers by 68% in the past year and two months ago launched a new division for development finance loans. It achieved regulation just a month ago in October.
Rob Jupp, CEO of Brightstar, said:
“Managing £1billion of lending in just four years is a huge achievement and one that everyone in Brightstar should be rightly proud of. I would also like to say thank you to all of the brokers and the lenders that we work with and without whom this wouldn’t have been possible.
Peter Brodnicki, CEO of Mortgage Advice Bureau, commented:
“From a standing start Brightstar has made a significant impact on the specialist lending industry. By listening to what brokers expect from a specialist distributorthey have really started to shake up the standards in the market. This first billion will just be the start, I expect Brightstar to continue to go from strength to strength capitalising on the growing market and increasing its market share by delivering an outstanding intermediary service.”
Alan Cleary, managing director at Precise Mortgages, added:
“Exceeding £1bn of lending is a significant milestone and I am really pleased it was one of our loans which pushed them over the line. Brightstar are a great team and we look forward to helping them pass £2bn of lending in due course.”
