Crystal Mortgages has reported commercial finance application numbers between January to March higher than both 2012 and 2013 combined.
In its quarterly report the company disclosed that terms issued stood at £143m, a £48.3m increase on the same period last year, with completions up 57%.
The average loan size stood at £171,000, a rise of 41% against 2013, with the largest deal a commercial mortgage on a £1.5m investment property in Glasgow.
The average case processing time has fallen to 55 days, with development finance showing the largest marked increase in demand.
In January the company announced 2013 as its best financial year in the company’s 35-year trading history with terms issued on £479m worth of applications, 62% up on 2012 and 94% ahead of 2011.
Joe Breeden (pictured), managing director at Crystal Mortgages, said: “I can only describe the start of 2014 as ‘blistering’, with the volume of applications the clearest indicator to-date that the SME market is not only seeing a sharp upturn in confidence, but also a desire to source commercial finance away from the high street.
“These key factors are being supported by an increase in new products and an exceptional team at Crystal, it is their commitment to customer service that has seen a reduction in completion times, for example the number of cases funded in less than 10 days trebled on 2013 in the first quarter alone.”
