"With lockdown easing, there is a pent-up demand for borrowing as projects that were put on hold in spring are put back in motion."
Hope Capital has recorded a stronger June performance than for the same month last year, receiving an 189% leap in enquiries compared to 2019.
This includes an increase in enquiries from brokers the firm has not previously worked with. The number of formal loan offers also increased by 20% compared to June 2019.
Over the first six months of 2020, the firm has seen a 14% increase in loans accepted by underwriting and a 31% increase in loans accepted by clients.
Nearly 90% of the new enquiries Hope Capital received in June were for residential property, up from just 50% the previous year. Nearly half of these were for loans of less than £150,000 – a market specifically catered for by the new Hope Mini product, starting at just £50,000.
While 25% of residential enquiries came from the North-West of England, nearly one-third (31%) were from borrowers in the South-East of England – the highest proportion for any region.
Jonathan Sealey, CEO of Hope Capital, commented: “These figures are evidence that demand for short-term finance is strong, and growing. With lockdown easing, there is a pent-up demand for borrowing as projects that were put on hold in spring are put back in motion.
“The strong demand we have seen also reflects the range of products we have made available to meet borrowers’ diverse needs in the post-lockdown world. Our new Hope Capital Custom Collection gives borrowers all the flexibility they need to cope with the new circumstances in which they find themselves as a result of Covid-19.
“Hope Capital is putting borrowers and brokers in control. Combined with our well-earned reputation for fast, flexible service, this should make Hope Capital their first port of call when looking for short-term finance.”