The lender is looking to complete ideally to complete loans between £1m and £5m in value at up to 75% loan-to-value (LTV) with rates starting from 0.49% per month, depending on the deal. However it will consider options outside this range.
Director of credit Steve Brennan is behind the venture which builds on the ActivTrades broker business. Brennan has experience with a range of lenders including Masthaven.
Brennan told Specialist Lending Solutions that there were no targets for the business yet, but he hoped to complete between £50m and £100m worth of lending in the first 12 months.
“It’s our own money we’re lending so there’s no pressure from investors or funders to do a certain amount,” he said.
“I’m not looking to do lots of volume at the moment, I’m just looking to build a sensible and sustainable loan book.
“We’ve just completed our first loan which was just under £2m and that went through before we had the chance to put together our launch release.”
Longer term possibility
The firm will lend on commercial and residential property and if it is revenue generating Brennan said he will look to roll it up into a longer-term loan if that was a suitable.
“Over the next 12 months I’d like to loan between £50m and £100m, but it’s a question of how much appetite we have and how much do we want to do the deal,” he continued.
“I wouldn’t mind if we did £25m or £100m, its just what we are comfortable with. There’s no targets, we just want sensible growth,” he added.