Editor’s Pick

Masthaven gets retail banking licence

Thu 21 Apr 2016

Masthaven Bank has become the first challenger bank of 2016 to be granted a retail banking licence.Borne out of Masthaven Finance the new digital bank aims to disrupt the market with a customer-led flexible savings and mortgage proposition and employee partnership structure.A spokesman said: “The authorisation of the banking licence by the Prudential Regulation Authority […]

Half of firms expect alternative finance demand surge

Mon 18 Apr 2016

More than half (53%) of small business owners expect demand for alternative finance – including forms such as property finance, crowdsourcing, invoice finance and asset finance, to increase over the next two years while just 6% think it will decline, research from Amicus has found. The reserch shows that small firms expect demand for alternative finance […]

SME manufacturers forced to wait twice as long for invoices

Mon 18 Apr 2016

Smaller UK manufacturers are being forced to wait nearly twice as long as their larger competitors for invoices to be paid, research from the Asset Based Finance Association has shows. SME manufacturers waited an average of 67 days for invoices to be paid last year whereas the largest manufacturing businesses, those with a turnover over […]

Asset finance up 9% in February

Fri 15 Apr 2016

Asset finance new business (primarily leasing and hire purchase) grew by 9% in February, compared with the same month last year, figures from the Finance & Leasing Association show. Commercial vehicle finance increased in February by 17% compared with the same month in 2015. Business equipment finance and plant and machinery finance each grew by 12% […]

Time to get your head around second charge

Wed 16 Mar 2016

Steve Harness is commercial director at The Loans Engine Look at any Mortgage Credit Directive (MCD) flowchart for mortgage advisers – take the Paradigm Mortgage Services one available on its website (www.paradigmmortgages.com) as a good example – and when it comes to second charge mortgages you will be faced with this first question: Are you […]

Together completes two week bridge

Wed 16 Mar 2016

Together and Creative Commercial Funding have completed a loan for £1.75m that saved a development with planning permission for 218 homes in Birmingham. The developer had committed a deposit of £1m and had an agreed forward sale which fell through at the last minute, leaving him at risk of losing both his deposit and the […]

LendInvest secures £17m from Skype founder

Mon 14 Mar 2016

LendInvest has secured a £17m equity investment from Atomico, the venture capital firm founded by Niklas Zennström. This is LendInvest’s second equity investment in nine months after its secured £22m from Chinese technology company Beijing Kunlun in June 2015. Christian Faes, co-founder and chief executive of LendInvest (pictured), said: “To receive this backing from Atomico […]

Brokers expect Budget to address buy-to-let uncertainties

Mon 14 Mar 2016

Mortgage brokers expect George Osborne to flesh out how the 3% stamp duty surcharge will work in the Budget announcement next Wednesday. Currently brokers are uncertain on how the surcharge will affect people buying a new main residence, married couples, consumers based overseas, properties owned in trusts and purchasing homes using bridging loans. There is […]

Shawbrook commercial appoints product manager

Mon 14 Mar 2016

Shawbrook Bank’s commercial division has hired Steven Fitzhugh as product manager, a newly created role. Fitzhugh has spent 22 years in financial services including 12 years at Leeds Building Society as an assistant product manager and product marketing team leader. He joined from Cardif Pinnacle as customer insight manager, where he carried out market analysis […]

Aldermore provides £3m facility for ex-Hovis site

Mon 14 Mar 2016

Aldermore has provided a £3m finance facility for the redevelopment of an ex-Hovis depot in Plymouth. The Honicknowle site, which was acquired by Burrington Estates, will be converted into both commercial and office space. It was a distribution centre after Hovis was acquired by Allied Foods. Caroline Baker, lending manager, commercial mortgages at Aldermore, said: […]