The quarter of a BILLION new funding line

The quarter of a BILLION new funding line



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A London-based bridging lender has secured £250 million to add to its existing funding line.

Drawbridge Finance’s huge capital injection is being funded by the same investors that have supported the company from the outset, Octopus Investments.

Jonathan Samuels, CEO of Drawbridge Finance, said: “This is a substantial capital injection, and a great reflection of the confidence which our investors have in us.

“There are obvious signs that the business is doing well, as we are continually beating the quotas and targets which are set. Yet in addition to this, our investors are aware that we have a fantastic relationship with our brokers, and that the quality of our business is second to none.”

Confirming the sentiment, Paul Latham, Managing Director of Octopus Investments, added: "Drawbridge Finance has rapidly established a reputation for being the go-to lender within short and medium-term finance sector.

“Despite being one of the most active lenders over the past year or so, there is still significant demand in the market and this latest tranche will go some way to meet it."

Jonathan Samuels explained that the company would be looking to use the new facility to expand their current bridging facilities, develop new terms and products, and enter the sphere of longer-term buy-to-let and development finance.

This comes as great news to both brokers and packagers, who will benefit from the availability of Drawbridge’s low rate offerings for a greater variety of deals.

Lucy Barrett, Director of W&B Mortgage Solutions, said: “Drawbridge has produced some extremely innovative products since it began lending, and I believe that not only does this benefit introducers and their clients in the obvious way, but will hopefully help to create more healthy competition in the market as well. 

“The team at Drawbridge are extremely forward thinking, and have done a fantastic job in helping to revitalise the industry during a time where banks have made it very difficult for people to fund certain projects traditionally.  I look forward to continuing to work with the short term lender as they further evolve.”

Danny Waters, CEO of Enterprise Finance, doesn’t believe that there is any room for an increase in appetite from a lender who has already proven its willingness to lend. He added though that “the fact that Drawbridge are expanding into new areas is certainly a bonus, because it means that we can place a greater proportion of deals with this lender rather than having to look elsewhere.”

By Katie-Jill Rowland

 

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