The fund, which was launched earlier this year, now has a total lending capacity of £60m and is set to be lent to business across the UK, with a particular focus on the leisure industry.
The money will also continue to support commercial property ventures in Northern Ireland, where Ortus plans to triple the size of its lending book by the end of 2017.
While the second funding round attracted a number of original investors who wanted to increase their initial stakes in the fund, it also welcomed a new £5m cornerstone investment from a global real estate investor.
Ortus Secured Finance said the elevated caution taken by bank-backed lenders was providing ample opportunities for smaller, equity-backed providers.
Jon Salisbury, managing director of Ortus Secured Finance, said: “The closure of this second funding round is a reflection of the strong performance we have had to date – and of the confidence our investors have in our continued ability to lend to businesses in the UK leisure sector.
“Many businesses are suffering as a result of the credit slowdown instigated by the UK’s decision to leave the EU.
“We are delighted to be able to continue to offer them a solution with the closure of our second funding round.
“Our fund is equity-funded – and not based on bank-funding lines – and we have therefore been able to absorb the shock waves caused by Brexit in a way that bank-backed bridging funds and other lenders have not.”
Who does Ortus provide funding for?
• Pub owners who want to invest in kitchen equipment to improve their food offering or enter the gastropub market
• pubs looking to broaden their craft beer credentials
• established pub managers looking to acquire their first pub
• people entering pub ownership as a post-retirement lifestyle
• purchases and extensions of hotels, guesthouses and nightclubs
• refurbishment of pubs, bars, clubs and restaurants, including furnishings, lighting, payment systems and workstations
“The leisure industry is extremely important to the UK economy. It is vital that pubs, hotels and clubs are able to access funding. This has not traditionally been easy – especially since 2008,” Jon added.
“Similarly, Northern Irish businesses have been approached with considerable caution by more traditional lenders.
“Since we started lending to commercial property businesses in Northern Ireland at the end of 2015, we have found a highly liquid market, with considerable lending opportunities.”
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