Magnet also saw its average loan size increase by 29%, whilst enquiries and written business both reached record levels.

Sam Howard, managing director of Magnet Capital, said the firm had benefited from offering a consistent approach to lending, throughout the pandemic, and continuing its approach of funding the right housing in the right locations.

He added: “We are delighted by the growth we have seen but not surprised, given the level of satisfaction we garner from our SME developer clients and their desire to keep coming back to us for the next loan.

“We have a huge appetite to lend and this has not diminished during the last 12 months. Our broker and intermediary partners recognised and appreciated that we have remained open for business throughout this difficult period, providing creative and pragmatic funding solutions to our SME developer clients’ needs.

“2021 has started with a bang. With a host of new products in the pipeline we are looking forward to getting even more money into the market and supporting our SME Developers, in building the housing this country so desperately needs.”