The specialist leisure lender has enjoyed a fruitful beginning to its launch into the bridging sector, with this first completed deal exemplifying the efficient manner in which it works.

The deal was written on a leisure space with a large development angle, with the borrower keen to complete as quickly as possible due to incrementing daily penalties.

Ortus was able to complete the deal within five working days, despite the deal involving a number of different legal titles.
The borrower requested a part early repayment on the transaction, which after acceptance from Ortus, was repaid in full at maturity.

Speaking on the deal and the first few months of business, Armann Thorvaldsson, Chief Executive of Ortus Secured Finance, said: “Ortus is delighted with progress that was made in Q2.  We saw an increasing number of transactions and awareness amongst brokers continues to rise as we move into Q3.

“This first Ortus transaction that reached maturity and has been repaid in full, is a great example of the benefit of Ortus’ sector expertise. This enabled us to quickly evaluate a very complicated transaction and our streamlined process ensured efficient implementation of all the necessary documentation. This particular loan was shorter than our typical loan deals; however we are extremely pleased with the outcome, as is the Borrower. As we continue to look to expand our loan book, we are now growing our team at Ortus and look forward to significant growth over the next 12 months.”

The firm is fast becoming known its ability to convert deals quickly, and this deal provides another example of the ability of the company to form an underlying view for the value of each deal.

Ortus Secured Finance, which was launched in March by ex-executives of Kaupthing Singer & Friedlander, has continued to improve on its reputation in the pub and commercial property lending sector after an impressive first few months of business.