Oblix Capital has reported that August was a record month for bridging and development applications.

The specialist property lender received nearly £50m in applications throughout August and these are now progressing through the process towards completion.

Oblix recently announced a cut to many of its bridging rates. These include 75% LTV residential bridge at 0.85% pm and 75% LTV semi-commercial bridge at 1.00% pm.

Andy Reid, sales director for Oblix Capital, said: “July and August have always been some of the quieter months in this industry, which makes this record even more remarkable.

“We are really pleased to be able to offer some extremely competitive rates to the market and hope this will shows our commitment to offering our clients the best possible products and services.

“A big thank you goes out to the exceptional team here at Oblix, who have all been tirelessly pulling together and taking the business to new heights.”