John Mould, CEO at ThinCats (pictured above), told Bridging & Commercial that around £224m of lending in 2019 was a realistic goal for the lender.
It has provided around £120m-130m so far this year, already outpacing its record £112m of funding in 2018.
In addition, John said that ThinCats had started launching new products, which includes the relaunch of its fast-track business finance proposition.
The new product consists of speedy loans up to just under £1m and it will primarily work with brokers to provide this funding to SMEs.
John mentioned that it used to work with brokers frequently, however it had started using accountants and corporate finance houses to build momentum and perhaps didn’t put enough focus on the broker community.
“…For the last two or three years, we've been focusing on deals of [an] average size [of] £2m-2.5m.
- B&C roundtable: Bridging market standards, network involvement and attracting quality brokers
- ThinCats surpasses £500m in SME lending
- ThinCats facilitates seven-figure funding for nursery company
“We are actually refocusing back to our core with this fast-track business finance to start servicing more broker deals…”
This means lending around £500,000-700,000, quickly and efficiently, to smaller SMEs.
It replaces the Generator product that ThinCats used to offer, and the lender has built a dedicated credit team for the proposition, which is based in the Midlands.
ThinCats — which recently surpassed the £500m lending milestone — has also launched a leisure product for boutique hotels, pubs and restaurants and a funding programme to support private equity-backed UK businesses.
It is now planning to provide another £500m within the next 18 months.
John claimed that global and Brexit uncertainty would mean banks would pull back further from the SME community, and in contrast, ThinCats would continue to lend to growing SMEs throughout that period.