Business levels are on course to return to normal at automated decisioning provider LendingMetrics.
The company behind the award-winning* ADP underwriting platform reports that the number of finance applications it processed during August was 685 up on April’s numbers, which was during the peak of lockdown. And the total number of online consumer searches for finance in August was ahead 63% on April.
LMX platform*credit searches increased month on month from June-to-July by 17.8%, while during the May-to-June period there was an 18.9% uptick.
David Wylie, Director at LendingMetrics, said: ‘We are delighted by the fact that activity is building month-on-month for us. We are seeing it come back across the board and, providing we don’t have a second Covid national lockdown, there is no reason to think that we will not soon be back to the activity level that we saw before the virus struck.’
Mr Wylie believes that there is a marked difference between the present downturn and the last one in 2008 in the aftermath of the GFC, and that this should speed a return to normality.
‘What we are seeing is nothing close to the last financial crisis, in terms of demand and access to finance. This time the demand is still there and so is the access to capital and liquidity, for lenders who have the appetite for it,’ he added.
All of the company’s employees have now returned to office-based operations, with everyone now located at LendingMetrics’ offices in Fareham.