Short-term funder Hilton Ventures raises £1.15m

Manchester-based bridging finance firm Hilton Ventures has raised £1.15m by way of a long-term loan from a third party.

The company said the new funds will allow the business to continue growing its loan book and make full use of its bank facility.

Graham Alcock, founder chairman of Hilton Ventures, commented: "Over the last 18 months we have been able to steadily grow our loan book. As a result, we have been unaffected to date by the bad debt situation that is currently affecting many of our competitors. This latest round of funding bears testimony to the strength of our internal procedures, the team we have put in place and the quality of the loan book we have built so far."

Hilton Ventures provides loans typically between £75,000 and £750,000 on property related transactions, promising immediate 'in principle' decisions.

A spokesman added it is currently receiving an increasing number of enquiries from property professionals and developers who are looking for quick decisions.

The PLUS-quoted firm raised an initial £2m in loans from private backers when it was launched by Alcock, a former Natwest regional director. Natwest matched the lending fivefold, giving Hilton lending power of £10m.

Similar facilities will be sought with Natwest and other banks to lever the latest funds.