Exclusive: Bridging lender secures £30m funding line

Exclusive: Bridging lender secures £30m funding line



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Paxton Private Finance has exclusively revealed that it has secured a £30 million funding line and is looking to expand its lending activities in London and the Home Counties. .

Paxton Private Finance has exclusively revealed that it has secured a £30 million funding line and is looking to expand its lending activities in London and the Home Counties.

The bridging lender which takes pride in providing a bespoke lending service has just secured a £30 million ongoing funding facility from a private high net-worth family funder.

Established in 2010, and until now funded by its own Paxton Secured Income Fund – a fund that has returned a yearly average of nine per cent to investors over its three year track record, Paxton will utilise the new facility to create competitive products aimed at the short-term finance market. 

Speaking on the news, David Kinane, Partner at Paxton Private Finance said: “This new funding line allows us to consolidate existing relationships and to create new ones within the introducer base.

“It is a very competitively priced, non-status product that sits well in the market place.”

With its new funding, interest rates will be from 1 per cent. The new range will now cater for loans upwards of £500,000, which the Central London-based firm hopes will act as a kick-starter for an increase in new business.

Both partners at Paxton agree that their unique selling point is that they are totally non-status; they believe in impeccable service and state that even with the new funds, they will still visit every borrower personally.

David added: “Our lending philosophy remains the same - we will always meet our borrowers personally and work with them to put together the best funding package possible, by reacting quickly, pricing competitively and delivering a proactive and open service.”

The duo believes that for them, providing finance is never about rate, but about the service. Their criteria is only a guideline, as they admit that they are flexible to making changes depending on the deal.

Nick McLean, the other half to the Paxton Private Finance partnership, said: “The success of the Paxton Secure Income Fund has provided the platform from which to develop the relationship with our new funding partner, which will enable Paxton to enhance its position within the short-term finance market. 

“While we have had the opportunity to develop similar arrangements, it has been an imperative for us to secure funding that is both flexible and competitively priced – we believe with this agreement we have achieved this goal.”

Both partners at Paxton agree that while the new funding line will have colossal impact on the changes of their business, its focus remains on the bridging market.
 

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