It has also received a £15m funding line from Quilam Capital which it will use to expand its development finance business.
The new funding line will be used to underwrite unregulated bridging loans and build out the lender’s bridging and development finance offering, Pivot said.
There is also a specific capital contribution being made by Quilam to enable the business to grow its operating model and specifically its data analysis tools, it added.
Pivot launched in 2012 and has provided more than £200m in funding for property developments throughout England & Wales.
In 2018 it announced a £50m funding line with Shawbrook Bank which it has since expanded on and the Quilam cash will support that senior facility.
Re-engaging with brokers
Pivot head of business development Vishal Dixit said: “We are excited to re-engage with our intermediary partners and customers to find the right solutions to their lending needs.
“With strong backers who believe in our offering, we can continue to provide competitive bridging products secured against residential and commercial properties and can leverage our deep development experience to build out this offering, providing a variety of competitive ground up and refurbishment products.”
CEO Shahil Kotecha (pictured) added: “The affiliation with Quilam is more than a typical lender-borrower relationship and while completing the transaction during lockdown had its challenges, the synergies between the organisations and management teams were harnessed.
“This partnership approach, and continued support from Shawbrook, will be vital in growing the Pivot business in 2021 and beyond.”
Quilam Capital partner Marc Sefton said: “We have known the management team for a while and have been particularly impressed by how Pivot underwrites transactions, using tools that we haven’t seen across the market.
“The result has been a strong performance of its existing loan book and we will be working with the team to build on this solid foundation and accelerate growth materially in 2021 and beyond.”