Lender targets commercial property sector with £255m funding
JERROLD Holdings, the secured lender to the residential and commercial property sectors, has agreed a new revolving securitisation programme of £255m targeted at funding its commercial lending activity.
The programme Lakeside Asset Backed Securitisation 1 Ltd was lead arranged and is supported by HSBC, Lloyds Bank and Natixis and will run until August 2018.
The underlying mortgage loans will be drawn from across Cheadle Hulme, Greater Manchester-based Jerrold Holdings’ portfolio of commercial lending companies including Auction Finance, Bridging Finance, and Lancashire Mortgage Corporation.
Jerrold Holdings director Marc Goldberg said:“This new facility will allow us to continue to grow our short-term lending and buy-to-let operations, meeting the ever-growing demand for these products and services and helping to support both new and existing business customers, SMEs and property investors.
“In the last 12 months our new lending to British businesses and home-owners exceeded £724m.”
Jerrold Holdings Group chief financial officer Gary Beckett said: “The successful introduction of the Lakeside facility demonstrates the financial strength of Jerrold, the appeal of our business model and the demand that exists in our markets.
“It sits alongside the £675m Charles Street Securitisation programme and the recently increased £300m capital markets bond issuance, and will support the clear growth plans of the business.”
