A bridging loan provider, established nearly a year ago, has seen strong lending numbers.
Bergen Finance was launched last December and lent out £30m in its first six months of trading. It was created by Arrow Global, the Manchester-based European investor and alternative asset manager in credit and property.
He has now nearly doubled the value of his deals, loaning out £29million in the third quarter alone, including seeing the completion of his biggest deal to date. With transactions approved and legal, Bergen expects to close over £100m in the first year of trading.
The business provides property-backed loans to a wide range of corporate borrowers across the UK. After completing 11 deals between January and June 2022, he has now loaned out £59m in 2022 so far in deals across the UK.
Having been created to meet a need for short-term property loans which may not meet the strict criteria of traditional lenders, Bergen Finance’s ability to provide business loans of between £500,000 and £50 million sterling is proving an attractive proposition.
Managing Director Andrew Ward, who has many years of experience in the industry, said: “We see that there are many viable businesses that need funding, whether for growth opportunities and acquisition or for short-term cash flow, who, despite having significant land and real estate assets, struggle to obtain financing from traditional lenders.
“As we are backed by Arrow Global, a leading European alternative asset investor and manager, we have substantial funds behind us and are able to be more flexible and agile. We have proven our ability to support SMEs across England and Scotland, particularly for loans over £5m.We are also receiving a large number of inquiries from Ireland and are currently considering a number of offers there.
Director Adrian Hogan said: “The business is off to a very good start and we are very quickly building a name for ourselves as a fast-response independent lender working across all sectors and regions of the UK and Ireland. .
“Increasingly, we are seeing finance brokers and debt advisory firms come to us to enter agreements on behalf of clients in non-standard lending situations, knowing that we are not constrained by the rigid mandates of an external funder.
“We are already well on our way to achieving our goal of investing over £100m in our first year of trading, and we now plan to grow the team to enable us to continue to deploy our funds. to meet the fast turnaround needed by many businesses. »
Max Lewis of Arrow Global said: “Bergen Finance has grown in popularity with borrowers. Bergen’s reliability and ability to finance more complex transactions is gaining popularity in the market, especially at a time when market conditions are volatile and other lenders are becoming increasingly unreliable.