Specialist development finance lender Magnet Capital has secured an enhanced £15m facility from Shawbrook to support its further growth plans.
The two parties first started working together in 2018, with Shawbrook providing Magnet a facility worth £5m.
The new £15m facility provided by Shawbrook will enable Magnet to further grow its loan book, supporting more developments across the UK.
Paul Israel, chief financial officer of Magnet Capital, said: “Shawbrook has been a fantastic and reliable partner over the last five years, since our launch and we’re pleased to be growing our relationship with them with this latest increase to our facility.
“It’s no secret that more houses and hence more property development is required in the UK, and we’re pleased to be supporting developers with these projects.
“This facility will continue to help us to strengthen our loan book and serve our developer customers and their brokers.”
Luke Randell, associate director of structured finance at Shawbrook, said: “Throughout our long involvement with Magnet, we have watched the team go from strength to strength.
“Their ongoing success and growth are testament to the strong business model and expertise of the management team.
“We hope this facility will give Magnet the means to continue their expansion and look forward to following their progress closely and working together in the future.”
