Bridging lender Hilton Ventures plans funding extension

Manchester-based Hilton Ventures, the PLUS-quoted bridging finance lender, is looking to raise at least £10m as it seeks to keep pace with growing interest in short term lending.

Hilton wants to raise between £2m and £5m from an issue of interest coupons, which would then be used to lever facilities up to five times that value from banks.

Hilton raised £2m from private investors after it was founded by former Natwest regional director Graham Alcock 18 months ago. Natwest matched the private lending fivefold, giving Hilton lending power of £10m.

Hilton will seek similar facilities from other banks as it seeks to grow the value of its loans out to customers from £1.5m to £20m over the next two years.

Andy Eames, director and head of lending, said the plans would be finalised in July. He added: "A lot of banks are reluctant to lend at the moment and as developers still want to do deals we are finding a lot of interest coming our way from commercial brokers looking for a solution."

Hilton typically lends to cash-strapped developers and investors who cannot secure a commercial mortgage in time to acquire property. As well as an arrangement fee Hilton charges around 1.5% monthly interest, with most loans lasting around three months.

Meanwhile, Hilton Ventures Finance, a subsidiary of the group, has appointed James Kay as business development manager from Loan Options.

The new arrival follows the appointment of Jonathan Bassey to a similar role and brings the number of new recruits to the business to four in the last three months.

Your Comments

Read our comments policy

Related Articles

Sign up to receive the Place Daily Briefing

Join more than 13,000 property professionals and receive your free daily round-up of built environment news direct to your inbox


Join more than 13,000 property professionals and sign up to receive your free daily round-up of built environment news direct to your inbox.

By subscribing, you are agreeing to our Terms & Conditions and Privacy Policy.

"*" indicates required fields

Your Job Field*
Other regional Publications - select below