Montello Bridging Finance has agreed a funding arrangement with an institutional fund manager.
The funding gives Montello an additional £20 million of funding for its short term loan book.
The fund manager can not be disclosed due to confidentiality restrictions. However, Montello has disclosed that its new funding partner is an “experienced London based fund manager”, with over £300 million under management.
Discussions with the fund manager have been going on for almost a year, and the first drawdown has been made today.
Montello were advised by Andreas Wesemann, and his team from the Mayfair based boutique investment bank, Ashcombe Advisers.
Christian Faes, Montello’s managing partner, said: “We are excited to have concluded this agreement with our new funding partner. Our two current funds are seeing good net inflows, but generally, the fundraising environment is quite difficult.
“For us, the challenge is not to simply just accept any funding on any terms. The real challenge is to obtain funding that is flexible, and appropriately priced.
“With this agreement we feel that we have achieved a very good balance, and it will allow us to continue to grow the Montello brand within the short-term lending market.”
Wesemann added: “We have had a relationship with Montello for quite a while now, and we enjoy working with the partners and their team. We believe that they have a great business, and a very professional approach to what they are doing.
“Ashcombe have a strong track record and knowledge of the financial services market in the UK, and we look forward to continuing to work with Montello in the future as they grow their business.”