Northern Ireland and Ireland are underserved by both banks and specialist lenders, having experienced a similar level of bank retrenchment to Great Britain, but without the growth of non-bank lenders. This is seen as a contributing factor to the chronic housing shortage. As an experienced funder in Ireland, BCF is seeking to address the supply and demand imbalance in funding for SMEs.
With its new lending capacity, BCF plans to grow its loan book and provide much needed financing to borrowers across the island of Ireland.
Adam Dickson, Head of Underwriting at BCF said: “We are delighted to have secured this additional facility from Foresight, which significantly increases our lending capacity. This additional line of funding will enable us to broaden our real estate offering and support more SMEs, house builders and entrepreneurs across the country.
“At a time when many businesses are experiencing difficulties in accessing funding from mainstream lenders, and new home completions are continuing to fall short of annual targets, Belfast Commercial Funding is working to address these issues. Businesses require additional liquidity and we are excited to be working with Foresight. We believe their approach and principles to lending fit with our business. We look forward to supporting our existing customers and continuing to grow our customer base.”
Dan Lawson, Senior Private Debt Manager, commented: “We have ambitions to continue to grow our asset backed lending portfolio and we are delighted to be partnering with BCF. The team is highly experienced and has built a successful business by providing flexible funding to an increasingly underserved market. We look forward to supporting the team in its next phase of growth.”
Foresight’s Private Credit strategy provides secured wholesale loan facilities to alternative lenders; designing bespoke facilities to enabling innovative finance businesses to scale and better serve their customers.
Gareth Graham (left) CEO of Belfast Commercial Funding with Adam Dickson, Head of Underwriting
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