Finance provider hits monthly funding milestone with £1m in own-book lending

Gordon Andrews, far right, and the team

Wirral finance provider, Bathgate Business Finance, has celebrated a milestone in its own-book lending, writing £1m in new business in October 2022, from its own internal funds.

As well as brokering deals out to its extensive panel of traditional and alternative funders, the West Kirby-based firm provides loans from its own funding book, writing a total of £4.8m to its year end September 2021.

The milestone result provides Bathgate with a strong start to its new financial year, with a healthy pipeline of deals offering opportunity for further growth in 2022/23.

Own-book lending, which is not available from most brokers, is a useful option for many SMEs, as decisions are taken quickly in-house without the need to submit to credit committees that exist in some larger funders, making it faster and easier to secure business finance.

Bathgate managing director, Gordon Andrews, said: “October 2022 was our best ever month for own-book lending, writing £1m in deals. Prior to that, our best month was £800,000 written in April 2021, as we were coming out of the pandemic.

“We’re extremely privileged to be able to offer clients finance from our own funds and see it as a vital tool in our armoury to support the SME marketplace. We know that often – and increasingly so in our current economic climate – strong and viable businesses will find themselves in need of urgent funding to tackle issues like cashflow challenges or unexpected bills.

“With traditional lenders seeming to be more cautious, it can take six to eight weeks to get a decision, and then this is sometimes ‘no’. This means the applicant has to go back to the drawing board. In some cases, it can have disastrous consequences for them.”

He added: “Through our own-book finance, we’re able to be more nimble and responsive and provide speedier decisions, making it a useful tool for business owners alongside wider financial planning.

“We hope that the service we offer will provide vital support to even more businesses in the region, now and through into what is set to be a challenging and uncertain new year.”

Recent own-book funding provided by Bathgate includes £200,000 finance to secure the launch of The Movement Group’s Zenn Liverpool, a new Asian-inspired 350-seat venue in Liverpool city centre, and £420,000 paid out for a Knowsley-based property restoration specialist within one week of application.