Smart Money Loans (SML) has reported a sharp increase in the average value of Scottish loans in 2013.

According to data from the secured loan distributor which has offices in both England and Scotland, the average loan size north of the border has gone from £22269 in 2012 to £40241 this year and the value of completions is now 156% ahead of the same period last year and 38% by numbers of cases completed.

Paul Crewe, director of SML, said: “We took the decision to open an office in Glasgow when we opened for business in England three years ago and with a good team based there, the reception for SML has been fantastic and 2013 is turning into a great year for us north of the border. The increasing loan size says a lot about the changing requirements of customers whose access to remortgages has been curtailed.

“Having an active BDM based in Scotland for the last three years along with adding to our Sales Team and moving to a larger office in the centre of Glasgow has really paid dividends for us.

“Our experience is that financial advisers appreciate the personal touch and that, as well as our service and the flexibility offered by secured loans, is why we are seeing such growth.”