Spring Finance has completed an additional funding line with Shawbrook, which will mainly be used to support its development finance range.
The lender entered the development finance sector in June this year and offers resulted and non-regulated loans.
At the time, the firm said that it would offer ground-up development finance for new-build suits, light development finance for conversions, change of use, completions of yet-to-be-finished sites and home extension products.
The funding facility will sit alongside its existing facilities with NatWest, Hampshire Trust Bank (HTB) and Aldermore.
Spring Finance said that the funding line would allow it to “continue its impressive growth in the specialist lending industry”, pointing to its partnerships with Optalix and LendingMetrics, which offer origination and integrated decision engine to its mortgage division.
Andrew Bloom (pictured), CEO of Spring Finance, commented: “We are delighted to have completed on our fourth institutional funding line. It is a testament to the strength of the team and the robustness of Spring’s lending proposition that, despite the challenging economic climate, Shawbrook has agreed to support us.
“Securing the right mix of funding is key and this new facility positions us well to achieve our ambitious growth targets.”
Claire Newman, director of bridging and development finance at Spring, added: “The addition of Shawbrook to our funding lines is the latest positive news from Spring following the recent announcement of our development finance launch. We are looking forward to working with the Shawbrook team as we continue to grow the division”.
Warren Mutch, head of speciality finance at Shawbrook Bank, said: “We have known Andrew, Claire and the Spring team for a number of years and have been impressed with their performance and growth trajectory. We are very pleased to complete the transaction and to be supporting Spring with the next phase of their journey.”
The firm has made several changes to its proposition this year, enhancing its non-regulated bridging offering and extending bridging into Scotland.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.