The P2P lender has decided on this course of action following a strategic review of operations by Funding Knight’s owners GLI Finance Limited.

GLI has also announced that it has transferred its holding in the business to the Sancus BMS Group Limited.

The move is designed to simplify the group’s structure and bring together a select number of niche alternative finance businesses.

It will also allow Sancus BMS Group to add directly sourced UK bridging and development finance to its portfolio, which includes a range of short-, medium- and long-term finance.

“This is really positive news for the business and is one of many changes being made to move the business forward,” said Dan Walker, managing director at Funding Knight (pictured above).

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“By bringing the business under the Sancus umbrella, we can provide our clients and funders with a broader offering.

“With access to greater investment from the group, the business now has increased capability to service the growing demand for property finance from UK, offshore and Irish businesses looking for flexible and competitive financing solutions.”

Andy Whelan, CEO of Sancus BMS Group, added: “Our vision and focus for the Sancus BMS Group will continue, as a leading player in the rapidly growing alternative finance sector specialising in meeting the needs of small- to medium-sized businesses and entrepreneurs.

“We are confident that by aligning Funding Knight alongside our other group companies – especially Sancus Finance – the business will be positioned to drive significant growth and enhance our service to our funders and clients.”