SME finance specialist, Ashley Finance, has announced significant new business growth for its bridging product, including a milestone loan of £2.2m following its launch in Scotland and an increased investment in its bridging team.
Following a successful pilot, the lender launched its new bridging product into the Scottish market, with plans for it to be further developed in 2018.
Ashley Finance’s bridging team cited its improved speed and flexibility as key factors in its recent success. The company has paid out deals in as little as four days - from the initial enquiry to the releasing of funds - and takes pride in being significantly quicker than the industry average completion time of 50 days.
Liam Cavanagh, operations director at Ashley Finance said: “We’ve had a stellar year. The whole team are delighted with these results. Bridging was a key growth area for the company this year and is anticipated to continue as we progress further into 2018.
“While the huge increase new business is definitely the result of the hard work and dedication of our bridging team, it also highlights the need for an open-minded lender like ourselves in the market. In the last year this need has become widely recognised with more brokers coming on board than ever before, which is extremely encouraging.
“Ashley Finance is dedicated delivering fast and flexible funding to all small businesses that need it and without judgement. Following this fantastic year, we have high hopes that growth will continue into 2018 and beyond.”
Ashley Finance offers a range of products to meet customer cash needs, including bridging loans up to £2m against loan-to-value up to 75%, with rates starting at a competitive 0.95%. The firm also specialises in invoice finance, and business loans which are flexible and open to those SME’s who have struggled getting funding support from other lenders.