A privately funded, short-term secured lender has exclusively told Bridging & Commercial that it has acquired new funding and is thus able to offer larger loans immediately. We got in touch with Stewart Barnes, Director at Portman Finance, to find out more… 

Portman Finance has much to celebrate this year! It is eight years old this month, has weathered the storm over the last few years, where others have sadly fallen, and now, with a new line of credit secured, it is able to offer non-regulated loans of up to £400,000. 

Portman Finance is privately funded and its new source of funding has come from a new private investor. 

For those of you that don’t know, previously it has always looked at smaller loans from £30,000 up to £100,000, but Portman is now in a position to look at much larger loans. With a reduced loan rate starting from 1.5 per cent and with competitive entry and exit fees, it is an exciting time for Portman Finance. 

Its maximum loan to value (LTV) is 65 per cent of the open market value (OMV) and it offers loan terms of up to 12 months. 

Portman typically lends in the South East and Home Counties, but has lent elsewhere in the UK and would be happy to consider anywhere within the UK apart from Scotland. Stewart informed us, “The issue for us is distance and understanding the area. We always visit the property and if it is a development deal then we will undertake a number of site visits to monitor the progress, so it is just about being practical in terms of location and distance.” 

Martin Hay, Chairman of Portman Finance, said: “This is a significant step forward in the development of Portman Finance to offer a full financing service. Evidence from the latest figures show that bank lending is continuing to be squeezed down, providing an opportunity for non conventional lenders, like Portman Finance, to increase market share. One wonders when eventually the big banks do turn on the tap, whether borrowers will be willing to put up with their lack of service and inflexibility.” 

Portman’s products: 

Small Business Loan: aimed at small businesses needing either a working capital injection or funds to purchase a specific asset, these loans tend to be repaid on a weekly basis over the term of the loan;

Bridging Loans: to assist with funding when selling a property where the contracts have exchanged but funding is required before completion;

Business FlexiLoan: aimed at small businesses and an alternative working capital facility, which operates in a similar manner to a bank overdraft;

Development Top Up Loans: to help finish small half-completed residential developments with a shortfall in funding;

Residential Development Loans.

All loans are always secured on property. Although Portman offers ‘products’ it takes a flexible stance to lending money and will try to find a suitable solution for the borrower’s needs. 

Stewart commented: “At the moment we are seeing a number of new entrants to the second charge market, which is great to see as it is always good to have healthy competition and also means that there really is a true alternative to the banks. What I would emphasise, however, is that Portman Finance is in it for the long term and the new increased loan size that we are able to offer is building on the strong foundations that we have already established.

“As ever, we will continue to provide a fast and flexible approach, something which we pride ourselves on, and try and work with the brokers to find a sensible solution to their clients’ needs.” 

For more information about Portman Finance's products phone 020 8209 3822 or email [email protected].