AFS is one of the largest introducers to asset and commercial finance funders in the UK and is split into three divisions: Asset Finance Solutions, AFS Compliance and Synergy Commercial Finance. 

Based in two offices in Blackburn and York, Asset Finance Solutions originated around £210m in lending during 2016, while Synergy Commercial Finance launched as a brokerage service to commercial finance introducers.

Aldermore hopes the new partnership will allow it to further strengthen its position both in the business finance broker markets and across commercial mortgages and property development.

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“Our partnership with AFS is strategically important, representing Aldermore’s first such joint venture,” said Carl D’Ammassa, group managing director of business finance at Aldermore (pictured above). 

“We are really excited about the possibilities that this partnership, as well as future similar ventures, will give us to further strengthen and develop our position in the business lending market.”

The challenger bank’s acquisition will also look to support businesses through AFS’s franchised network. 

“AFS has enjoyed a positive working relationship with Aldermore for a number of years and both businesses know each other well, so it makes absolute sense for us to strengthen our partnership through this agreement,” added Nick Simpson, managing director at AFS.

“We’re looking forward to working even more closely with the Aldermore team going forward and are excited to have the opportunity to play an even greater part in the bank’s exciting journey." 

Since entering the business finance and commercial mortgages markets, Aldermore has seen significant demand from SMEs via its broker network. 

At the end of 2016, the challenger bank announced that business finance lending had grown 15% compared with the end of 2015 to £1.7bn, while SME commercial mortgage lending was up 12% to £930m.

Carl added: “Aldermore remains totally committed to working with a diverse and wide network of brokers, dealers and vendors in order to play an active and growing role in supporting fast-growing small- and medium-sized businesses, the drivers of UK economic growth."