Bridging lender Tuscan Capital has secured additional new funding from a UK-based provider to further support its growth plans into 2020 and beyond.
Complementing its existing debt-funding lines, both of which remain in place, Tuscan Capital’s third funding facility is a forward flow-funding agreement which, according to the lender, will enable it to broaden its broker-facing product range whilst providing capacity to increase its loan book size to over £150million.
During 2019, Tuscan Capital expanded both its front and back office teams and extended its product range and distribution. As a result, the lender said it ended the year having doubled its loan book balance year-on-year and with a substantial pipeline of broker-introduced new business in place.
Colin Sanders, pictured, Tuscan Capital’s CEO, said:
“Signing the new funding facility as we draw to the end of our second year’s trading sends a positive signal to the market that we expect to continue to grow and expand throughout a challenging economic period.
“Our proposition has been very well received by our broker partners. This additional capacity means we can continue to offer certainty of funding as the market reacts to the recent General Election outcome, and all its consequences, throughout 2020.
“As a result, Tuscan Capital now expects to extend both its product offering and geographic reach to support a long-term and sustainable business that will shortly burst through the milestone of £100 million in originations.”