Bridging lender re-launches after new funding line
By AdminA specialist commercial and bridging finance lender has re-launched after securing a new funding line to assist its proposed lending
A specialist commercial and bridging finance lender has re-launched after securing a new funding line to assist its proposed lending programme.
Peninsula Finance plc had been an active principal lender in the commercial finance arena since inception of the company in 2002 until it ceased accepting new applications in 2010, when its funding line withdrew in the wake of the financial crisis. Alexandra Jones spoke to Daniel Palmer, Chief Executive, to find out about the lender’s new plans…
It is fair to say that the company experienced a difficult trading period post the 2008 worldwide credit crisis, which led to our bank retrenching from the commercial property market and in turn withdrawing its funding support. Since that time we have focused our efforts on effectively managing or existing loan book portfolio and consolidating our operations to assist when re-entering the market. I am delighted to be able to confirm that Peninsula Finance has now completed its new funding line with Shawbrook Asset Finance Wholesale Division and we are already accepting new mortgage applications.
I was first introduced to the Shawbrook Asset Finance team (then Singers Corporate Asset Finance) in November last year and immediately found its appetite and approach to commercial lending like a breath of fresh air. Following a period of due diligence it was great to finalise our initial drawdown earlier this month. This provides a stable funding platform and the ability to grow over time. In addition to the new Shawbrook facility, Peninsula Finance is also funded by its shareholders and, to a large extent, by private investment. We have received a huge amount of support from our private investors over the last four years and this, together with the new facility, allows us to confidently re-enter the market.
Peninsula’s new products will initially focus on loan sizes from £25,000 to £250,000, on bridging terms from three months to 24 months and secured on a wide range of acceptable commercial property, with a flexible approach to the applicant’s credit status.
Though there are now an increasing number of lenders in the marketplace, it can still be as difficult as ever to secure a long term finance solution. Peninsula Finance’s niche is specialist short to medium term lending, based on a wide range of property and with a loan duration designed to allow sufficient time for the long term solution to be accessed. We also hold full FCA authorisation - so can accept regulated bridging enquiries - and have very close links with a firm of solicitors based in Plymouth, which is well versed in the demands of bridging finance.
As we are only now re-entering what is a very different market place, we plan to initially operate via a preferred list of broker introducers, many of whom we have existing strong links with. Whilst it will be impossible to serve all of the broker community, at our size, it is our intention to increase this base over time and in line with our growth aspirations.
We are very positive about the future and relishing the opportunity of getting back to lending again. Our website is currently in the process of being updated and will provide full details on our new lending criteria.