Bridging lender GRE Finance launches backed by Ask Partners

Mirelman is a former executive at Stonegrove Capital, a real estate finance brokerage. Benton leaves a position at  JMJ Real Estate a property investment and development company.

GRE will offer average loan sizes of up to £1m and will consider all sectors and asset classes. The loans will also be real-estate backed so personal guarantees are not required.”

Mirelman (pictured) said: “Bridging finance is a vital source of capital provision for the UK property market, particularly given the funding void caused by the current market conditions.

He added: “We are delighted to be partnering with Ask on this new venture. Having a private source of finance will give us the opportunity to be service-led, prioritising speed and flexibility, to really work closely with clients to make deals happen.”

Benton said: “It is very exciting to be poised to offer innovative funding solutions that will allow developers and investors to complete projects, have the breathing space to secure sales or longer-term funding. It is a pleasure to be working with Ask given their deep understanding of the property lending market.”

Ask chief executive Daniel Austin said: “There is a huge gap in the market for bridging facilities at this level. Both GRE founders have an excellent track record and a wealth of experience to offer clients and I believe are well-positioned to build a significant bridge-lending loan book at a time when others are having to pull back.”

He added: “We are delighted to have formed this strategic partnership; providing capital to GRE allows Ask to access a different area of the market than we would otherwise and will be key to us growing our overall loan book which currently stands at £475m.”