PHINOM acquires half of bridging lender AssetStone

By Bridging Loan Directory 5th December 2024

PHINOM has acquired a 50% stake in special situations bridging lender AssetStone.

AssetStone was founded in 2022 by CEO Richard Symonds and offers loans, typically between £5-50m, secured against real estate globally, stocks and shares, planes, boats and to corporates looking for funding.

As part of the deal, AssetStone will join the PHINOM Group of companies.

PHINOM is a Dubai and Monaco based financial group and is making its first formal venture into the credit market with this acquisition, with its previous focus being on asset management and fintech businesses.

In October, Hugh Wade-Jones, the former co-founder of Enness and Tenn Capital, joined PHINOM as its managing director.

Commenting on the AssetStone acquisition, Hugh said: “I am very excited to work with Richard (Symonds), having already known him for a number of years.

The offering that AssetStone provides falls directly into the sweet spot of HNWs today who are asset rich globally but struggle to access capital as lenders struggle with multiple jurisdictions and asset classes.”

Richard Symonds, CEO at AssetStone, added: “I am looking forward to working with Hugh, Alessandro and the rest of the PHINOM team.

With their distribution network and financial firepower, I believe we can become the go to special situations lender for the bridging world.”