"We want to continue the expansion of the business and the natural way to do this is by widening our reach in terms of loan size and geography."
The lending criteria changes include increasing its largest facility amount to £2.5m, up from £2m.
Magnet has also widened its geographical range to include additional regions in the north of England, as well extending its reach further into Cornwall. Magnet's lending geography now covers all of Southern England and part of South Wales.
Magnet Capital specialises in small residential construction projects including new builds, conversions and refurbishments.
Ashley Ilsen, CEO and co-founder of Magnet Capital, said: “We’re almost at our five year mark and we’ve experienced year-on-year growth. We want to continue the expansion of the business and the natural way to do this is by widening our reach in terms of loan size and geography. Building a loan book based entirely on development finance is no mean feat but our experience and know-how in this market continues to put us in an exceptionally strong position and sets us apart in what is already a very busy space.”
Sam Howard, managing director, added: “We’ve listened to our clients and introducer partners and based on their feedback have extended our award-winning service and products to a wider geographical area and increased loan quantum. We are looking forward to travelling the breadth of the country to visit our new clients across the UK.”
