Ludgate helping record number of businesses

Ludgate helping record number of businesses

A Birmingham-based alternative finance specialist made a record-breaking start to 2016 by securing loans for businesses totalling over £6.5 million.

Ludgate Finance completed 22 deals in the first three months of the year making it the most successful quarter since the company was formed in 2007.  

The company has particular expertise in raising business loans in the fast-growing peer-to-peer (P2P) lending market.

P2P brings together borrowers and savers directly through a web-based auction system. The industry is experiencing exponential growth and the total sum lent to UK SMEs recently passed through the £5bn mark.

Ludgate Finance director Steve Grice said the record quarter illustrated both the continuing growth of the UK economy and the ongoing barriers businesses face trying to access traditional sources of finance.

He said: “Ludgate was created to help well-established, profitable SMEs who want to borrow but are being frustrated by more traditional lending options provided by the banks and other finance providers.

“Therefore it’s very pleasing that we’ve been able to help more businesses than ever to find the right solution to finance growth through expansions and acquisitions.

“Significantly the loans in the first quarter of the year have been for businesses operating in a wide range of markets including property development, leisure and manufacturing – which shows the economic recovery is not restricted to any one sector.

 “By structuring deals and having expert knowledge of the marketplace, Ludgate is able to source funds quickly and in a cost-effective manner and then follow through by monitoring each loan over the course of its life.”

Ludgate was one of the early leaders with P2P funding, starting in 2011, and has built up a wealth of experience in the sector securing funding for more than 200 companies, totalling in excess of £50m.

Steve Grice said: “This is an exciting time for the P2P market and during the rest of 2016 we expect to see continued growth in the number of businesses we help to secure finance.”