Spring Finance secures cash injection from HTB

The amount was not disclosed, and sits alongside the existing facility with Natwest the firm secured earlier this year.

The firm launched its specialist bridging proposition in June this year, and said it had seen a “strong uptake” in regulated and unregulated short-term loans.

Spring said this was despite the “backdrop of rising interest rates and a challenging market”.

The company added that it was aiming to increase lending volumes and expand its existing product range over the next 12 months across both bridging and term lending.

Gavin Diamond (pictured), CEO of Spring, said: “We are delighted to have secured this additional funding line despite the challenging economic climate. The support of HTB is a major endorsement of the collective experience of our senior management team and our ambitious plans.

“Our diversified funding is a vital ingredient in enabling us to continue to provide our growing broker and customer base with certainty of funding, combined with outstanding service levels.”

Daisy Xu, transaction director of wholesale finance at HTB, added: “Spring Finance has surrounded itself with a group of highly accomplished and experienced people, this has enabled it to build a very strong bridging proposition in the market.

“Spring is a great example of the type of specialist lenders HTB aims to support and build long-term relationship with. We believe Spring Finance is very well placed to succeed in the current market and are delighted to be a part of its growth story.”