Magnet Capital is the latest lender to become a member of the Association of Short Term Lenders (ASTL).

Magnet Capital is a specialist development finance lender, with a client-focused team that is dedicated to supporting brokers and property developers in achieving the finance they need to make their schemes succeed.

The ASTL, which is the only trade association dedicated to representing the interests of short-term lenders and their customers, has more than 40 lender members.

Firms that join the ASTL tend to work in the bridging and secured loan sectors and members of the association must abide by a code of conduct which requires them to disclose costs and fees up front with no small print or misrepresentation of product offerings, as well as not charge non-refundable fees which could be perceived as being excessive.

Chief executive officer at the ASTL, Vic Jannels, said: "I’m very pleased to welcome Magnet Capital as the latest lender to join the ASTL. Development finance is an important element of short-term property lending as it’s the driving force behind SME developers, who play such a key role in delivering the additional housing we so desperately need as a nation.

"Having a diverse mix of lender members enables us to better represent the needs of all lenders in our sector, whatever their particular area of specialism."

Co-CEO and co-founder at Magnet Capital, Sam Howard, added: "Magnet Capital’s experienced team of development finance experts is laser focused on delivering on what we promise. Our dedication to working with customers aligns with the ASTL’s commitment to high standards and we are delighted to become members of the association."

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