Secured lending newcomer Bergen Finance has lent greater than £29m in its first six months of buying and selling, with an additional £40m in authorized diligence. Bergen, which is headquartered in London and has workplaces in Leeds and Manchester, offers actual estate-backed loans to a various vary of company debtors and has already accomplished loans in all 4 areas of the UK.
The enterprise is backed by main European investor and various asset supervisor Arrow International which has over €70bn of asset servicing AUM. Bergen Finance was established in December 2021 to fill a spot available in the market for short-term actual property lends of between £500k and £50m. The corporate offers loans for UK companies, secured on land and property, which can not match the strict standards of conventional excessive avenue lenders, however are searching for development and acquisition alternatives or require finance for short-term money stream.
Headed by business veteran Andrew Ward as managing director and director Adrian Hogan, within the first six months of the yr, the brand new lender efficiently accomplished ten secured lending offers. Through the interval, Bergen Finance has supported SMEs nationwide together with firms positioned in Wales, Scotland, N. Eire in addition to all through England, working throughout various industries from the care sector, to distribution, specialist property companies and engineering.
“Having worked in commercial lending for over 25 years, I was well aware of the need for flexible secured lending to viable businesses which needed larger sums, particularly above the £2m mark,” mentioned Ward. “The early traction we now have is proof that there was area available in the market for an agile associate in a position to deploy massive quantities of capital whereas retaining the pliability of an unbiased lender, in non-standard lending conditions, with the advantage of having the ability to make swift choices and supply funds in a short time.
“We are looking at all opportunities on their own merits throughout the UK and Ireland, across all sectors and situations. This approach is already proving popular – during our phenomenal first half year, we have already completed deals in England, Wales, Scotland and Northern Ireland and we are currently working on a loan in the Republic of Ireland. Looking forward, we already have an additional £40m of facilities, over eight transactions, approved and going through the due diligence and legal stages.”
Hogan provides: “We are in the fortunate position of having significant funds behind us and our target is for Bergen to invest more than £100m in its first year, with further amounts available from group resources. What differentiates us is not only the quantum of loan we can provide, but also the fact that we are responsive and able to operate without the rigid mandate restraints of an outside funder, enabling us to look at less mainstream businesses and provide a more bespoke service.”