Mint Property Finance has reported a record number of enquiries received in Q1.

The specialist finance lender recorded 1,475 enquiries for the period January to March 2023, up 15% year-on-year and culminating in £88,789,534 of applications progressed.

Contributing to the growth was a rise in applications from direct borrowers.

The period saw a 53%-47% bridging loan to development loan split, as a result of developers demonstrating an increasingly cautious approach to financing more complex sites in Q4 of 2022, it said.

The average completed loan value was £322,564 for the quarter and the largest loan completion £1,688,376.

Andrew Lazare (pictured), managing director of Mint Property Finance, said: “Whilst the market remains cautious in certain areas, demand is on the rise and I’m proud to say that Mint Property Finance has made firm strides into 2023 with a 15% increase in enquiries in Q1 leading to another record-breaking period.

“Unlike other lenders we’re in a strong position to continue to weather the slight economic tumult, with five robust funding lines ensuring that we can lend not just now, but into the future.

“Whilst labour and product costs continue to increase our average loan term remains static at 11 months, testament to Mint’s commitment to setting up loans to succeed. In a climate such as that in which we currently find ourselves, that’s of significant importance to borrowers, brokers, and professional introducers, and where I believe Mint Property Finance stands out from the crowd.”