Crystal Mortgages celebrates ‘outstanding’ 2011

Crystal Mortgages has hailed 2011 as a defining period in the company’s growth, with terms issued on over £250 million of new business applications and completions up 37 per cent year-on-year.

The Walsall-based firm is an independent, commercial mortgage finance and bridging loan specialist. Commercial remortgages remained the product most applied for, with buy-to-let products making a significant contribution to the year-end results.

The average loan size was down from £230,038 in 2010 to £209,965 in 2011, but the reduction was compensated by a 13 per cent year-on-year increase in applications.

The largest completion size in the year was £1,177,500, with an average turnaround from application to funding of 35 days.

Roger Dewsbery, senior underwriter at Crystal Mortgages, said: “These figures are nothing short of outstanding, and represent one of the best year’s performance in the company’s history.

“Our main aims have been to improve our existing finance and bridging loan products while entering markets where funding has been nigh-on impossible to secure.  We have achieved these goals while retaining the diligence and personal touch bereft from High Street banks.

“The challenge is to raise the bar again in 2012, and we have the staff, products and development stream to realise an even better year.”

Recent new product launches from Crystal Mortgages include:

• Buy-to-let - A packaged portfolio of over 100 products, with loans available from £25,000 to £10,000,000, LTV’s up to 75% and interest rates from 1.99% above the Bank of England Base Rate.
• Sitting tenant discounts – For qualifying businesses with good accounts, the company can achieve up to 100% of the purchase price if the tenant is purchasing the premises from their landlord.
• Sector specific enhanced products – Crystal Mortgages can offer extended LTV limits and enhanced rates for professional practices including doctors, vets and pharmacies.