Pitch 4 Finance breaks through £65m enquiries in 2 weeks
Pitch 4 Finance has received £66.8m worth of enquiries in its first two weeks since launching to brokers, with the high volume of cases providing a snapshot of the current commercial lending market.
Data from the platform shows that 40% of applications for lending on property were for new purchases, while 60% were for refinance.
Nearly half of all applications (48%) were for lending on commercial property, 36% were for lending on residential property, 8% were for lending on HMOs and 8% were for lending on semi-commercial assets.
The average size of a business loan application was £72,517.
Dan Scott, director at Pitch 4 Finance, says: “Pitch 4 Finance helps intermediaries to source the best solutions for their clients in bridging, property development, commercial term loans and complex buy to let – and the service has been in high demand in the first two weeks. Consequently, we’ve been able to gain some interesting insights from the platform to provide a snapshot of the commercial lending landscape.
“One of the most significant trends we have seen is that there are fewer lending options for commercial and retail applications than those secured on residential property. This is unsurprising in the current environment and it’s even less surprising that there are many fewer options available for the hotel and hospitality sector. As the platform grows and gathers more data, we look forward to being able to share even richer insights in the future.”