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Bridging lender GRE Finance launches backed by Ask Partners

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  • 15/06/2021
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Bridging lender GRE Finance launches backed by Ask Partners
Two property experts Michael Mirelman and Daniel Benton have teamed up to launch new bridging lender GRE Finance, with capital banking from 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.”

 

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