Pollen Street Capital has agreed a £200m senior secured credit facility with specialist real estate lender Sancus.
The funding line will allow Sancus to increase its support for real estate developments in the UK and Ireland.
The facility has been increased and its term extended by three years.
The extra funding means Sancus will be able to offer more bridging loans, including commercial property, not just residential projects.
James Bevans, investment director at Pollen Street, said: “We are pleased to extend and expand our partnership with Sancus to help provide funding for homes and developments around the UK and Ireland.
“The business has performed strongly and our increased facility will provide the capacity for the team to continue to grow Sancus’ lending book.”
Andrew Charnley, managing director of Sancus Lending UK, said: “We are delighted to extend our successful partnership with Pollen Street.
“This is a strong indication of the strength of our business and the growth opportunities that lie ahead in terms of supporting property investors.
“The added capability to help our clients and introducers with short term finance on commercial assets, illustrates our commitment to identifying areas of growth in the UK market and supports the UK Businesses exciting expansion plans.”
Charnley added: “The increased capacity allows us to offer larger, more competitively priced loans and broaden our reach to include commercial property alongside residential development.
“A significant portion of the facility has been allocated to supporting SME developers in the North West, aligning with the opening of our new Manchester office and our commitment to backing regional growth across the UK and Ireland.
“The ability to grow our lending book across both residential and commercial assets underpins our strategic goals in the UK.”
He said: “The extension of the facility in terms of timeline, asset classes and capital availability, further deepens the already successful relationship we have with Pollen Street and we look forward to growing our business together over the coming years.”
