StreamBank has been granted a banking licence with restrictions (Authorised with restrictions or ‘AWR’).
Founded by Alex Pusco, who is its sole shareholder, StreamBank was born out of five years of successful ActivTrades Bridging business and will continue to focus on being a key partner for property professionals seeking bridging and development finance.
StreamBank will focus on building its lending franchise throughout the AWR period and will seek to develop a broader UK presence by adding business development resources to support growth in its loan portfolio and by establishing a wider broker network.
The Bank intends to launch a suite of deposit products in early 2023 which will offer savers consistently competitive interest rates.
Steve Pateman, CEO, StreamBank said: “We are delighted to have gained the confidence of the regulator and receive our banking licence with restrictions.
“Over the last 12 months, through the hard work of all the team, we have successfully built a bank that combines the efficiency of modern technology with traditional banking judgement, enabling us to support the needs of property professionals up and down the country.
“Property investors far too often find it difficult to work with a lender that talks their language and understands their needs which leads them to miss out on good opportunities.
“Creating a bank that uses experience and judgment and a desire to find a solution will help property investors build much needed homes and spaces that drive economic prosperity.”
John Reed, chairman, StreamBank, added: “Property Investors with complex transactions are often left behind by mainstream banks and even some specialist lenders, as they focus on more vanilla automated lending.
“A significant proportion of borrowers miss out on sound opportunities that are only turned away because of the complexity of the transaction rather than the credit profile.
“StreamBank has been built from the ground up helping property investors take advantage of those opportunities and in turn help the housing shortage across the country.
“A special thanks need to go the team, past and present, for their dedication and hard work in allowing us to obtain our provisional banking licence. I believe we are strongly placed to make a real impact in the property market and in a short period of time we will look to attain our full licence and expand our offering in adjacent markets and to personal savers.”
