Shawbrook Bank has announced it is providing funding support for Momentum Finance, a new bridging and development finance lender that launched during the coronavirus pandemic.
Momentum, which specialises in providing asset-based bridging and development finance facilities, has grown its loan book rapidly since its inception three months ago.
The firm has been provided with more than £30m in bridging and development finance opportunities since August, having already established trusted partnerships with Barclays Bank and Clarion Solicitors.
Due to the revolving credit facility from specialist SME lender, Shawbrook, Momentum indicated it is accelerating its growth plans ahead of 2021.
“Securing a revolving credit facility with Shawbrook will enable us to focus on our core values which is to provide quick, flexible and common-sense lending to UK-based SMEs,” commented Momentum Finance director, Matthew Greenwood.
“In just three short months, we’ve gained fantastic support through established trusted partnerships with the likes of Shawbrook, Barclays Bank and our advisors Clarion Solicitors.
“This has helped us to provide quick and flexible loans, enabling us to grow rapidly and allowing us to provide working capital to SME’s as and when they require it.
“Within 12 weeks we’ve demonstrated an outstanding level of success from brokering partnerships to securing new clients and this is something that we are looking to maintain but build upon moving forward.”
Shawbrook block discounting director, Tracey Floyd, said: “Although new to the market, the team at Momentum are ambitious and skilled and – thanks particularly to its strong management – it is already establishing itself as a stand-out provider of bridging and development finance to individuals and companies across England, Scotland and Wales.
“Momentum is rapidly growing, and we are delighted to support that growth and development as we believe they have a very bright future in the market.”
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