New research, carried out by United Trust Bank, has revealed that developers are still turning to brokers for help having been turned down for funding by their usual lenders.

The survey found that nearly 9 out of 10 brokers (88%) that are operating in the development finance sector had been approached by developers in the last 12 months because they had been refused funding from the lender with which they would usually work.

The survey also found that 50% of brokers had their proposals turned down the last time they approached a High Street bank with a development finance deal.

Less than a third of brokers (28%) felt that from their and their clients’ perspectives the High Street banks had increased lending to businesses in 2014 whilst only 40% felt that the High Street banks would increase their lending in 2015.

Noel Meredith, executive director at United Trust Bank, said: “Whereas many lenders, including the High Street banks, have decided that lending to smaller developers no longer fits their credit criteria, others such as United Trust Bank, have stepped in to fill at least some of the void. United Trust Bank has increased its development finance lending every year…with loan sizes ranging from around half a million to over ten million pounds.”