BloomSmith to lend £10m in June

BloomSmith has revealed that it should top £10m worth of lending during June.

Despite concerns regarding the general election, the VAT bridging lender reported a strong start to June. 

BloomSmith said its VAT facility has been favoured by brokers whose clients were struggling to meet the VAT obligation on their property purchases. 

The lender revealed that recent clients using its products included residential developers, owner occupiers and investment funds, while it had also seen a number of repeat clients.

“Our clients appreciate not just the liquidity to fund VAT, but also our speed of service is becoming a talking point in the broker community,” said Peter Bloom, chairman of BloomSmith (pictured above, left). 

“We set up BloomSmith with an ethos of being able to help customers in urgent situations. 

“Our ability to turn around funding within five days of that first anxious phone call is creating a growing fan base for the BloomSmith product.”

BloomSmith was launched in September last year and introduced a new fast-track product in April before refreshing its website last month. 

Transactions BloomSmith has been involved in so far this month include a commercial-to-residential development in south-west London, and a first-time developer in the North of England who needed over £1m to fund VAT payments due in just six days.

BloomSmith was able to provide all successful applicants with an unsecured facility within their time constraint. 

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