Sonia Shortland

Apex Bridging aims to grow book by 20% within next nine months

Apex Bridging has revealed that it wants to grow its loan book by 20% over the next six to nine months.

Sonia Shortland, director at Apex Bridging (pictured above), told Bridging & Commercial that the lender would like to reach a £50m loan book within the next three years.

Apex Bridging specialises in below market value transactions for properties that require heavy refurbishments.

It will lend up to 80% LTV on open market value and provide up to 100% of the purchase price.

Apex is currently looking to build more relationships with brokers.

“For us now, we've dipped our toe in the water, we're confident about what we do, but we need to go out there and get the right distribution channels.”

Apex currently does around 70% of its business with brokers and 30% direct-to-customer.

“The direct business that we have is through the local auction that we do and existing stakeholder relationships that they have had from the beginning of the company.

“But now we want to do a bit more with the brokers that we trust, and then we want to bring in new brokers.”

At present, Apex is funded by shareholders and a banking line, although it has options for additional funding.

However, Sonia added that this would have to be priced correctly.

“We're really happy with the margins that we're at, at the moment, but [if] you bring in new funding at a higher rate, [it] squeezes your margins, puts you in a position where you're forced to get money out the door and that's not where we want to be.”

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