Commercial News

Enhanced range sparks H1 growth at Tuscan

Rozi Jones -
|
22nd August 2019
hurdle goal fast grow pass milestone
"We have enjoyed an excellent flow of qualifying new business from a number of high-profile intermediaries since our product range was enhanced earlier this year. "

Tuscan Capital has reported strong half-year results after securing additional funding and expanding its product offering.

In April, the lender’s maximum loan size was increased from £3m to £7.5m and its product range widened to include four distinct lending channels: bridging, mixed-use/semi-commercial, heavy refurbishment and auction funding.

In its H1 results, Tuscan's completions rose 37% compared to last year and its live loan book increased 96% by value.

Its committed current pipeline has seen a rise of 41% and the number of brokers supported through successful completions increased by 43% compared to 2018.
 
Colin Sanders, CEO of Tuscan Capital, said: “Having established ourselves as a credible alternative for a number of brokers and intermediaries in our first 12 months in business, the introduction of our broader product range has helped build further momentum.

“As a result, we have enjoyed an excellent flow of qualifying new business from a number of high-profile intermediaries since our product range was enhanced earlier this year.

“Our proposition heavily relies upon demanding service standards and quick decisions which is why we have bolstered the team with a number of highly-experienced new hires in both front and back-office roles. This has enabled us to maintain service levels as we continue to grow.

“Our performance in the first six months of our second year has been particularly pleasing given the challenging market conditions and fierce competition.

“With a strong pipeline heading into the second half of the year, and with great feedback from a number of our broker partners, we are optimistic for continued growth which will see us deliver results well ahead of our expectations for 2019.”

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