3.1 C
Lancashire
Wednesday, November 13, 2024

Record quarter as lender Bergen Finance gains momentum in maiden year

Secured lender Bergen Finance, which launched last December, is celebrating a record quarter on the back of a strong first half of the year – having lent £30m in its initial six months of trading, it has now almost doubled its deals value, lending £29m in Q3 2022 alone, including seeing the completion of its largest transaction so far. With transactions approved and in legals, Bergen have expectations to close over £100m in first year of trading.

The business, which is headquartered in London and has offices in Leeds and Manchester, provides real estate-backed loans to a diverse range of corporate borrowers across the UK. After completing 11 deals between January and June 2022, it has now lent £59m in 2022 to date in deals across the UK.

Having been established to fill a need for short-term real estate lends which may not fit the strict criteria of traditional high street lenders, Bergen Finance’s ability to provide businesses loans of between £500k and £50m, is proving an attractive proposition.

Managing director Andrew Ward, who has many years’ experience in the sector, says: “We are finding that there are many viable businesses out there requiring finance, whether for growth and acquisition opportunities or for short-term cash flow, who, despite having significant land and property assets, are struggling to secure funding from traditional lenders.

“As we are backed by Arrow Global, a leading European investor and alternative asset manager, we have substantial funds behind us and are able to be more flexible and agile. We have proved able to support SMEs across England and Scotland, particularly for loans of £5m plus. We are also receiving a large number of enquiries from Ireland and are currently looking at a number of deals there.”

Director Adrian Hogan adds: “The business has got off to a really strong start and we are very quickly establishing a name for ourselves as an independent lender that is able to respond swiftly, working across all sectors and areas of the UK and Ireland. Increasingly, we are seeing finance brokers and debt advisory businesses coming to us to introduce deals on behalf of clients in non-standard lending situations, knowing that we are not constrained by the rigid mandates of an outside funder.

“We are already well on our way to reaching our target of investing more than £100m in our inaugural year of trading, and we are now planning to grow the team to enable us to continue to deploy our funds to meet the rapid timescale needed by many businesses.”

Max Lewis of Arrow Global commented “Bergen Finance has gained real traction with borrowers. Bergen’s reliability and ability to finance more complex deals, is gaining increasing market traction, especially at a time where market conditions are volatile and other lenders are becoming increasingly unreliable”

spot_imgspot_img

Latest

The best Christmas gifts for kids

If we’re honest, December 25 is all about the...

Cotton Court is helping deliver Christmas this year

For the 12th consecutive year, Cotton Court Business Centre...

Man jailed for early hours sexual assault in Lancaster

Lancashire Police have jailed a man following an appeal...

Five Preston businesses fail test knife purchases to under 18s

Five Preston businesses have been warned after failing to...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Electric vehicle drivers can take part in new on-street charging trial

A new trial is being rolled out which allows...

Fort Vale engineers royal recognition with King’s Award win

Global manufacturer Fort Vale Engineering has received a King’s...

Five Preston businesses fail test knife purchases to under 18s

Five Preston businesses have been warned after failing to...

Five Solar Myths Slowing the UK’s Push to Net-Zero

New insights reveal widespread misunderstandings about solar energy as...

More News

KYND Named a Top ESGFinTech Leader in Financial Services

KYND Limited, a frontrunner in cyber risk management, celebrates its third successive appearance in the 2024 ESGFinTech100 list. Compiled by FinTech Global, this list...

Tim Peake at Adviser 3.0 Conference 2025

Timeline is excited to announce that its flagship event, Adviser 3.0, will take place on 15th May 2025 at Magazine London. This high-energy conference,...

Choosing the right funding for your property project

Funding a property project is a major decision that will impact the success of your investment. No matter your reason for purchasing a property,...