Ortus secures additional funding
Ortus Secured Finance has received a second funding round of £20m.
The increase in funding brings the total amount of the secured lender’s new fund to £60m.
In the second round of funding a number of original investors increased their initial stakes in the fund and £5m investment came from a global real estate investor.
The fund, launched in February 2016, lends to businesses across the UK and focuses on the UK leisure sector.
Jon Salisbury, managing director of Ortus Secured Finance, said: “The closure of this second funding round is a reflection of the strong performance we have had to date – and of the confidence our investors have in our continued ability to lend to businesses in the UK leisure sector.
“Many businesses are suffering as a result of the credit slowdown instigated by the UK’s decision to leave the EU. We are delighted to be able to continue to offer them a solution with the closure of our second funding round.
“Our fund is equity-funded – and not based on bank funding lines – and we have therefore been able to absorb the shock waves caused by Brexit in a way that bank-backed bridging funds and other lenders have not.”
It provides short-term finance to pubs, hotels and nightclubs across the UK – meeting the financial needs of businesses experiencing sudden spikes in demand; looking to purchase property or other businesses; or with bridging requirements for interim capital whilst re-financing.
The fund will also continue to support broader commercial property ventures in Northern Ireland, where Ortus Secured Finance plans to triple the size of its lending book by the end of 2017.
Salisbury added: “The leisure industry is extremely important to the UK economy. It is vital that pubs, hotels and clubs are able to access funding. This has not traditionally been easy – especially since 2008.
“Similarly, Northern Irish businesses have been approached with considerable caution by more traditional lenders.
“Since we started lending to commercial property businesses in Northern Ireland at the end of 2015, we have found a highly liquid market, with considerable lending opportunities.
“Our work in Northern Ireland has been incredibly important to us and we look forward to continuing to help businesses there, following the closure of this second funding round.”