Discussions to agree the loan lasted six months and the first drawdown was made last month upon its completion.
Under the terms of the facility, Pivot can deploy further capital towards loans secured against residential and commercial assets and it can also utilise these funds towards latter stage development loans.
The bridging and development lender is part of a wider real estate group that includes an established residential property developer, a digital property fund manager, a construction company, and a block management business.
Funding specialist lending
Pivot CEO Shahil Kotecha (pictured) said: “Securing the new funding line from Shawbrook and Insight is testament to the hard work put in by the team, ratifies our operational abilities and shows how we have grown as a lender in the alternate finance space.
“The arrangement enables us to leverage the expertise of both institutions and gives us the scale we need to actively promote our offering to the market,” he added.
Shawbrook associate director Sarah Watts noted the lender was delighted to be offering the funding.
She added that it was “forward-thinking” in its use of technology and that it works collaboratively with its broker network to find the right solutions for clients.
Insight Investment senior portfolio manager Jeremy Deacon added: “The partnership between Pivot and Insight is a good example of how we are continuing to support the UK speciality finance market by deploying capital via short-term lenders such as Pivot.”