Michael Mirelman, GRE Finnce

New bridging lender GRE Finance launches




New bridging lender GRE Finance has entered the commercial property market with the backing of ASK Partners.

GRE is headed up by co-founder Michael Mirelman (pictured above) — who has formerly worked at Barclays and Topland Group and, most recently, was director at broking firm Stonegrove Capital — alongside co-founder Daniel Benton, former director at JMJ Real Estate.

With evergreen capital provided by ASK, GRE will focus on the mid-tier market with an average loan size of £1m.

Its capital base allows the finance provider to fund across the capital structure, from short-term debt to joint venture equity.

It can consider all sectors and asset classes and doesn’t have any LTV restrictions or geographical limitations.

Loans will be fully real-estate backed and personal guarantees are not required.

“Bridging finance is a vital source of capital provision for the UK property market, particularly given the funding void caused by the current market conditions,” said Michael.

“We are delighted to be partnering with ASK on this new venture.

“Having a private source of finance will give us the opportunity to be service-led, prioritising speed and flexibility to really work closely with clients to make deals happen.”

Daniel added: “It’s very exciting to be poised to offer innovative funding solutions that will allow developers and investors to complete projects and have the breathing space to secure sales or longer-term funding.

“It is a pleasure to be working with ASK given their deep understanding of the property lending market.”

Daniel Austin, CEO at ASK, stated that there was a huge gap in the market for bridging facilities at this level.

“Both GRE founders have an excellent track record and a wealth of experience to offer clients and I believe are well positioned to build a significant bridge lending loan book at a time when others are having to pull back.

“We are delighted to have formed this strategic partnership; providing capital to GRE allows ASK to access a different area of the market than we would otherwise and will be key to us growing our overall loan book which currently stands at £475m.”

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