As we have said before, we changed our strategy in early 2016 to move away from smaller, bridging type deals and towards larger development loans. We have been successful in doing so and I can confirm that since the start of 2016 we have approved 66 new loans with a cumulative facility limit of £300m.
This represents an average deal size of £4.5m but that average masks a wide range with the smallest deal being £131,000 and the largest over £30m. Of all these loans, we have not seen any losses emerge and since we measure our lifetime losses against lifetime lending, that measure of losses has fallen from a peak of 1.2% to 0.8%.
It is also worthwhile noting that these loans will ultimately have supported the construction of over 1,500 homes.