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Bridging and development finance lender StreamBank gains banking licence

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  • 21/07/2022
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Bridging and development finance lender StreamBank has been granted a banking licence with restrictions ahead of plans to launch deposit products.

 

The lender will continue to focus on its mainstay of helping property professionals access bridging and development loans and will build on its proposition, as well as add business development resources to reach a wider broker network. 

Its deposit products are slated for an early 2023 launch. 

As the lender awaits its full banking licence over the next few months, it has proposed additions to its range. 

These will include short-term property loans of between £250,000 and £5m, as well as regulated bridging finance for people who want to use their residential property as security to raise funds. It said this would sit alongside the non-regulated bridging options for experienced property investors who want to extend or improve their portfolio. 

It will also add commercial mortgages for the purpose of investing in new properties or refinancing existing properties and portfolios. 

Steve Pateman, CEO of StreamBank, said: “We are delighted to have gained the confidence of the regulator and receive our banking licence with restrictions.  

“Over the last 12 months, through the hard work of all the team, we have successfully built a bank that combines the efficiency of modern technology with traditional banking judgement, enabling us to support the needs of property professionals up and down the country. 

“Creating a bank that uses experience and judgment and a desire to find a solution will help property investors build much needed homes and spaces that drive economic prosperity.” 

John Reed, chairman of StreamBank, added: “A special thanks need to go the team, past and present, for their dedication and hard work in allowing us to obtain our provisional banking licence. I believe we are strongly placed to make a real impact in the property market and in a short period of time we will look to attain our full licence and expand our offering in adjacent markets and to personal savers.” 

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