Signature Property Finance has reported a record year for short-term property loans as it hit £55.5m for 2022, exceeding the firm’s self-imposed £50m target thanks in part to achieving a record drawdown of £10m in December.

In recognition of his contribution to the success of 2022 and to ensure the business continues to grow in line with projections, current legal director Tom Howells is assuming a new role as the firm’s chief operating officer.

Howells (pictured) said: “Given the issues the market faced post-pandemic, we believed the £50M target we had set ourselves would be a challenge and so it proved, until the last few weeks.

“However, our commitment to supporting our clients through the pandemic period and always seeking ways to get deals done for those abandoned by other lenders, ensured as momentum built throughout the year, our target was eventually surpassed with room to spare.

“Providing loans at the last minute, often within days, to rescue deals when other lenders changed their minds or terms, not only helped us hit our target, but secure long-term clients grateful for our commitment to doing what we say we’re going to do.

“We have shaped our service to better reflect the changing needs of our clients, significantly reducing the time taken from indicative terms to drawdown. As awareness of our service spreads, we are confident it will attract the clients and deals we need to achieve our 2023 target.

“I believe part of our success is due to our willingness to make site visits to help us understand a developer’s vision for their property. It’s the best way to fully appreciate a development in detail and demonstrates our commitment to following through on our promise to get deals done.

“We really understand the need to help brokers and developers unlock the potential in property; speeding up and simplifying the process, will go a long way to making that happen and ensure Signature continues to grow and succeed.”