A new bridging and development finance lender launched during the Covid-19 pandemic is set for further growth thanks to significant funding support from specialist SME lender, Shawbrook Bank.
Halifax-based Momentum Finance, which specialises in providing asset-based bridging and development finance facilities, has grown its loan book rapidly since inception three months ago.
Momentum, led by Directors Damian Slingsby and Matthew Greenwood, has been provided with more than £30m in bridging and development finance opportunities since August.
The firm has already gained high quality support having established trusted partnerships with Barclays Bank plc and Clarion Solicitors.
Now, thanks to a revolving credit facility from Shawbrook Bank, Momentum is accelerating its growth plans ahead of 2021.
Matthew Greenwood, Director at Momentum Finance, said:
“Securing a revolving credit facility with Shawbrook Bank will enable us to focus on our core values which is to provide quick, flexible and common-sense lending to UK-based SMEs.
“In just three short months, we’ve gained fantastic support through established trusted partnerships with the likes of Shawbrook, Barclays Bank and our advisors Clarion Solicitors.
“This has helped us to provide quick and flexible loans, enabling us to grow rapidly and allowing us to provide working capital to SME’s as and when they require it.
“Within twelve weeks we’ve demonstrated an outstanding level of success from brokering partnerships to securing new clients and this is something that we are looking to maintain but build upon moving forward.”
Since August, Momentum has been able to successfully expand its broker and customer network across the UK, providing finance when many lenders closed their doors due to the effects of Covid-19.
The firm is carving out its own space as a specialist lender offering short-term bridge and development finance secured against both residential and commercial properties across England, Scotland and Wales.
“Launching in the middle of the Covid-19 pandemic was daunting but it has been nothing but a success for us.
“Through hard work and determination, we’ve been able to build some significant relationships which has stood us in good stead in these early days.
“Shawbrook’s confidence in Momentum further demonstrates the quality and faith in our business and is testament to the strengths we have shown in the services and products we offer our clients across the UK.”
Specialist lender to UK SMEs, Shawbrook Bank, provided Momentum with a revolving credit facility to support its future growth.
Tracey Floyd, Block Discounting Director at Shawbrook, said:
“Although new to the market, the team at Momentum are ambitious and skilled and – thanks particularly to its strong management – it is already establishing itself as a stand-out provider of bridging and development finance to individuals and companies across England, Scotland and Wales.
“Momentum is rapidly growing, and we are delighted to support that growth and development as we believe they have a very bright future in the market.”