Manchester finance firm launches dedicated bridging loan business
Arrow Global, the Manchester-based European investor and alternative asset manager in credit and real estate, has launched Bergen Finance, a new dedicated bridging loan business dedicated to the UK short term real estate lending market.
Bergen Finance will seek to take advantage of a market which has grown by more than 400% since 2013 to in excess of £5bn per annum.
It will provide finance to UK companies with short term capital requirements, delivering good risk-adjusted returns that are anchored in the strength of the underlying property market.
Spearheading Bergen Finance will be Andrew Ward and Adrian Hogan who join the business as managing director and director, respectively.
Andrew has more than 25 years’ experience in business and commercial lending at Lloyds TSB, Five Arrows (Rothschild) and Credit Agricole.
More recently, Andrew founded two independent lenders, overseeing all origination and approving the underwriting of every commercial loan.
Adrian has almost a decade of experience in the secured lending space and has worked at a number of financial institutions, including founding and building out the Paddington Street bridge lending venture.
Bergen Finance will be headquartered in London.
Jim Appleby, UK CEO, Arrow Global, said: “There is a scalable market opportunity to lend to companies, which are experiencing financial stress such as short term cash flow, over capacity or supply chain problems, as well as positive growth and acquisition opportunities.
“We are excited by the opportunity and to add short term real estate bridging capability to our UK offering that also includes our existing Capquest, Drydensfairfax and Mars Capital platforms.”