The London-based bridging lender is looking to raise the funds to allow it to further develop and enhance its technological and web capabilities and to provide working capital.

In May, Vitvo revealed it was on track to complete £50m worth of deals during its first year of operating.

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“We believe the bridge lending space is ripe for game-changing, disruptive technology applications,” Ian Wilson, CEO of Vitvo (pictured above), told Bridging & Commercial. 

“Our aim with this raise is to secure funds to develop those capabilities with the aim of creating efficiency, speed and transparency for both bridge loan investors and borrowers, intermediaries and professionals involved in our deals.”

Vitvo hopes to create a market-leading, web-based portal which will make it easier and less time consuming for brokers, borrowers and other stakeholders to stay up to date on the progress of any loan application.

The lender is also looking to fund the legal, development and technology costs of a platform to provide an electronic offering of ‘ready -for-sale’ bridging loans to institutional investors.

“We have had an excellent response from the broker community since broadening our offering a couple of months ago,” added Ian.

“Our maximum LTV is now 70% and we have added heavy refurbishment to our product range.

“Our intention is to continue to add to this offering in the months ahead.”