To achieve its target, the development finance lender announced it will hire additional staff to bolster both the operations and sales sides of the business.

It also recently launched a new website to help speed up the process of handling incoming enquiries.

Since its launch in 2018, Magnet Capital has gone through a period of consistent growth, which saw its loan book increase by 85% and its average loan size rise by 29% from March 2020 to March 2021.

•   Property investors face 'huge risk' of stranded assets if they fail to decarbonise
•   Magnet Capital hires operations executive
•   Magnet Capital provides £2m loan for luxury housing development

Ashley Ilsen, chief executive at Magnet Capital (pictured above), said: “We’ve carved out a great niche in the specialist lending market, focusing on development finance loans below £2m. 

“We’re still seeing this area as poorly served and still hear some concerning stories about the quality of lending practices in this part of the market. 

“At Magnet Capital we put a tremendous emphasis on transparency and quality of service. 

“This includes the ability to be genuinely flexible throughout the loan which is needed for development projects now more than even. 

“Our ability to consistently deliver has put us in a fantastic position going into 2022”.