West One Loans is targeting more than £1bn in short-term lending this year as it looks to build on the records it set in 2022. 

The lender has set out ambitious growth targets for 2023 with bridging and development finance aiming to drive lending higher as market demand continues to rise. 

Short-term leading at West One Loans soared in the 12 months to December as total completions rose 13% year-on-year to reach £915m, its latest data shows. 

The development finance and bridging teams delivered record origination levels and are now setting their sights on surpassing the £1bn target in 2023. 

Tom Cantor, Head of Bridging of West One Loans, said: “Demand for bridging lending remains high across all elements of our proposition. 

“Whether it’s developers looking to bridging finance to exit build projects, homeowners looking for funding to deliver major refurbishment projects, or anything in between West One is ready, willing and able to supply the funding.

“As one of the few bridging lenders in the market to lend both regulated and unregulated, and the capability to lend up to £30m or more, on referral, we really can offer solutions to just about any bridging situation.”

During the last calendar year, total bridging completions rose 12% on the previous 12 months, while development finance experienced a 20% uplift. 

Assets under management also rose significantly with the development finance team reporting a 37% increase and bridging experiencing a 27%  rise. 

During the final quarter of 2022, the development finance team celebrated a major milestone as it surpassed £500m in lending since launching in 2018.

The target was reached with the completion of a £15.3m facility for the acquisition and development of 51 apartments and an office block in West Norwood, South London. 

In total over the past five years, West One Loans has contributed to the development of more than 1,500 homes across the UK.

In addition to the growth in short-term lending last year, West One also delivered its highest ever level of origination for BTL and second-charge. 

The lender’s strong performance contributed to parent company Enra Specialist Finance achieving record-breaking in 2022. 

Overall group lending performance totalled nearly £2.0bn and assets under management across the group rose by nearly 40% in the year.