Spring Finance secures bridging funding line with Natwest

The amount was not disclosed, and Spring Finance said the completion was one of a number of proposed funding lines that would support the “strategic growth plans of the business”.

Spring Finance was launched in 2011 as a second charge mortgage lender, and then entered the bridging and development finance markets earlier this year.

The lender launched a bridging pilot scheme in March and brought out a whole of market bridging proposition last month.

It currently offers regulated, non-regulated, first charge, second charge, complex credit, heavy refurbishment and light development loans.

Spring Finance also relaunched its second charge mortgage proposition and released an interest-only buy-to-let product.

United Trust Bank’s former director of bridging finance Gavin Diamond is set to join the firm as chief executive on 26 July and aims to boost the lender’s growth in the specialist market.

Andrew Bloom (pictured), owner of Spring Finance, said: “I am delighted to have completed on our bridging funding line with Natwest. Spring, and myself personally, has had a long-standing relationship with Natwest and this bridging funding line was an obvious first step in funding Spring’s ambitious growth plans.

“It’s a credit to the strength of Spring’s bridging team that Natwest have confidence in the experience of the people involved and its bridging offering. We look forward to working closely with the team at NatWest over the coming months and years as the business grows.”

Katie Fazackerley, director of speciality finance at Natwest, added: “Natwest is delighted to have supported Spring Finance in another key milestone for the group. The facility will support the group’s growth ambitions and aligns to Natwest’s Purpose strategy in supporting the needs of businesses and consumers across the UK.”