Lender bridges the gap with second £20m fund
YORKSHIRE businesses will soon have access to a £20m fund, the second from secured lender TFG Capital.
TFG was founded in 2014 by financier James Mortimore providing property and asset-backed cash flow and bridging finance.
The initial fund launched last September was started with £7.5m and TFG now offers short and medium-term loans of between £50,000 and £3m from offices in Leeds and Doncaster.
The lender has completed 27 deals and lent over £13.5m in the past ten months.
Mr Mortimore said: “We knew that there was a real need in the region for flexible lending that enables borrowers to access funding quickly for corporate or property transactions.
“Fortunately we have been able to secure new lines of funding to meet demand and with this latest fund we now have total funds of £30m available to support borrowers who may have been unable to secure funding from traditional lenders or who require monies very quickly.
“Our ability to swiftly provide individually-tailored, secured funding within flexible parameters resulted in our first fund very quickly being fully subscribed. Further backing has enabled us to offer additional lines of finance – the funds are there and we’re keen to lend.”
“It is frustrating that so many viable businesses and entrepreneurs are still struggling to access appropriate funding. Our approach is to consider every enquiry on its individual merits and look for a way of working with the client to provide funding appropriate to their needs and in line with the security available.”
Recent deals include a £1.4m property refinance to give the client time to complete a larger sale transaction; and a debt and equity deal providing £2.4m of funding to Enjoy Pubs to part-finance its acquisition of Parity Bars and its portfolio of leasehold pubs.
