Spring Finance has confirmed that it has completed on a funding line with Hampshire Trust Bank (HTB).

The Specialist lender indicated that the investment 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 the lender has reported a “strong uptake” in its regulated and unregulated short-term loans against the backdrop of rising interest rates.

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

Spring CEO, Gavin Diamond, 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.”

Transaction director of wholesale finance at HTB, Daisy Xu, added: “Spring 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.”

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