SSecured lending newcomer Bergen Finance lent more than £29m in its first six months of trading, with a further £40m in legal due diligence. Bergen, headquartered in London with offices in Leeds and Manchester, offers property-backed loans to a wide range of corporate borrowers and has already secured loans in all four regions of the UK.
The firm is backed by leading European investor and alternative asset manager Arrow Global, which has over €70 billion in assets under management. Bergen Finance was set up in December 2021 to fill a void in the market for short-term property loans between £500,000 and £50 million. The company provides loans to UK businesses, secured against land and property, who may not meet the strict criteria of traditional lenders, but who are looking for growth and acquisition opportunities or require financing for cash flow at short term.
Led by industry veteran Andrew Ward as managing director and manager Adrian Hogan, in the first six months of the year the new lender successfully closed ten secured loan deals. Over the period, Bergen Finance has supported SMEs across the country, including businesses located in Wales, Scotland, Northern Ireland as well as across England, working in a variety of sectors ranging from the distribution care, specialized real estate services and engineering.
“Having worked in commercial lending for over 25 years, I was well aware of the need for flexible and secure loans to viable businesses that required larger sums, particularly above the 2 million mark. pounds,” Ward said. “The first traction we have is proof that there was room in the market for an agile partner who could deploy large amounts of capital while maintaining the flexibility of an independent lender, in non-lending situations. standard, with the advantage of being able to make quick decisions and provide funds very quickly.
“We review all opportunities on their own merits in the UK and Ireland, across all sectors and situations. This approach is already proving popular – in our phenomenal first half we have already completed deals in England, Wales, Scotland and Northern Ireland and are currently working on a loan in the Republic of Ireland. Looking ahead, we already have an additional £40m of facilities, over eight transactions, approved and going through due diligence and legal stages.
Hogan adds: “We are fortunate to have significant funds behind us and our aim is for Bergen to invest over £100m in its first year, with additional amounts available from group resources. What sets us apart is not just the amount of loan we can provide, but also the fact that we are responsive and able to operate without the rigid constraints of an outside lender’s mandate, allowing us to look less traditional companies and to provide a more personalized service. .”