BANKING
Funding – money from GB Bank has funded a whole raft of residential and commercial projects everywhere from Morpeth to Hartlepool , helping to build communities as well as properties .
Estate agent Foxtons reported in January that instructions for buy-to-let properties had risen by 25 per cent compared with the same month in 2023 .
DEMAND INCREASING AT GB BANK At GB Bank , we ’ ve certainly seen demand from buy-to-let investors and developers for our finance solutions rising , from residential and commercial bridging solutions to buyto-let and commercial owner-occupier and investment mortgages and we ’ re anticipating that demand to grow still further as we move into the second half of 2024 .
Getting access to crucial funding , delivered promptly by real experts in the property finance field is a key factor in the success of any property development project and that ’ s exactly what we deliver – and have been doing since securing our full banking licence in 2022 .
In that time , we ’ ve built some solid foundations in this region and elsewhere across the country .
Over the course of 2023 , we lent over £ 6m to experienced SME property developers and investors across the North- East region looking to take advantage of our flexible approach to lending solutions .
This money helped to fund a whole raft of residential and commercial projects everywhere from Morpeth to Hartlepool , helping to build communities as well as properties .
We ’ re looking forward to continuing this excellent track record across the North-East and the rest of the country during 2024 .
GREEN SHOOTS APPEARING In the sector in which we specialise – experienced SME property developers and investors – we ’ re starting to observe the green shoots of a turnaround as agile operators look to take advantage of the changing situation .
That ’ s not to say that SMEs are not facing challenges – in a recent survey from Bibby Financial Services , 60 per cent of small and medium-sized companies reported their existing lender had reduced the availability of credit in recent months .
However , the same survey found 61 per cent of SMEs expected an uptick in sales in the next six months .
FINANCIERS FORECASTING GROWTH This growing optimism is reflected within the specialist finance field . The National Association of Commercial Finance Brokers ( NACFB ) – the UK ’ s largest independent trade body for commercial finance brokers – recently reported that 63 per cent of member brokers and lenders were either ‘ somewhat optimistic ’ or ‘ very optimistic ’ about the SME lending market in 2024 with 29 per cent expecting the property sector to be the largest source of growth in 2024 .
Brokers and lenders in the bridging finance sector are similarly positive – a recent survey carried out by industry publication Bridging & Commercial found that 67 per cent expected the bridging market to continue to grow this year .
No-one would deny that we continue face challenges , but prospects are starting to look brighter .
While one swallow doesn ’ t make a summer , the evidence is mounting that the sun is starting to shine once more on the property sector .
GB Bank offers flexible lending solutions for residential and commercial property projects and investments up to £ 10m .
We welcome conversations around future opportunities , so get in touch with us at gbbank . co . uk to find out more .
The voice of business in the Tees region | 55