PCF Bank

PCF Bank completes its first bridging loan

PCF Bank's new bridging division — led by ex-HTB head of bridging Colin Stevens — has completed its first loan.

It has provided £200,000 for the refurbishment of a mews property in London at 57% LTV.

Colin has been joined by Sam Pountney, the lending manager of the division, with new employees set to be hired later this year.

The division offers bridging finance from around £200,000 to £1.5m at a maximum LTV of 75%, including fees and rolled interest.

Loans will be secured by way of first legal charge on residential and commercial properties within England and Wales.

This will include funding for auction purchases and developer exits, although it believed that refurbishment would make up a considerable amount of its deals.

While the team initially plans to hit around £2m of lending a month, it wants to have a loan book of over £100m by 2022.

PCF aims to reach this goal through selected relationships with existing brokers and direct clients.

“They will mostly be brokers already known to us,” said Colin.

“We are a small team that we are going to be growing over the next 18 months and, therefore, are being selective in the early days to manage volumes.”

PCF Group recently proposed a placing to raise a minimum of £10m through the issuance of new ordinary shares.

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