Spring secures funding line with HTB

Specialist lender Spring Finance (Spring) has announced that it has recently completed on a funding line with Hampshire Trust Bank (HTB), which will be used to fund bridging, heavy renovation and light development loans.

Spring launched its specialist bridging proposition, to the whole of market, in June this year and against the backdrop of rising interest rates and a challenging market has seen a strong uptake in its regulated and unregulated short-term loans. A key element of Spring’s proposition is the highly experienced team that gives intermediaries the confidence and support in transacting business in this specialist area.

The new HTB facility sits alongside Spring’s existing facility with Natwest and supports Spring’s strategic growth plans which include increasing lending volumes and the expansion of its existing product range over the next 12 months across both bridging and term lending.

Gavin Diamond, CEO of Spring commented: “We are delighted to have secured this additional funding line despite the challenging economic climate. The support of HTB is a major endorsement of the collective experience of our senior management team and our ambitious plans. Our diversified funding is a vital ingredient in enabling us to continue to provide our growing broker and customer base with certainty of funding, combined with outstanding service levels.”

 Daisy Xu, transaction director of Wholesale Finance at Hampshire Trust Bank commented: “Spring Finance has surrounded itself with a group of highly accomplished and experienced people, this has enabled it to build a very strong bridging proposition in the market. Spring is a great example of the type of specialist lenders HTB aims to support and build long-term relationship with. We believe Spring Finance is very well placed to succeed in the current market and are delighted to be a part of its growth story.”