Nick Fahy

Cynergy Bank enters bridging market

Cynergy Bank has launched bridging finance to support the needs of business owners, entrepreneurs and family businesses.

The specialist bank will offer a range of unregulated bridging loans of up to £10m, with an expected target market of between £1m–5m.

It will offer loans of up to 11 months at a maximum LTV of 70%, inclusive of interest capitalisation and fees.

The new bridging solution is the first product launch for Cynergy Bank since it rebranded from Bank of Cyprus UK.

It will be available through direct applications and through brokers for both new and existing customers.

The product will be aimed at UK-based professional landlords and property entrepreneurs.

Mark Dearman, head of commercial banking and bridging finance at Cynergy Bank, said: “This product provides a funding solution where clients have a timing issue in raising more conventional funding, with a known and proven repayment exit plan.

“Bridging finance will broaden the Cynergy Bank product set in order to deepen the relationship with existing and new clients by offering an extension product complementary to the current loan offering.”

Nick Fahy, chief executive at Cynergy Bank (pictured above), added: “Cynergy Bank’s mission is to offer the nation’s medium-sized property and family businesses a real alternative.

“We are investing in technology and the best people to help us support these businesses and widening out our product offering with services, such as bridging finance. 

“Today’s launch is an important milestone for the bank and our growth ambitions.”

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