Montello Bridging Finance has signed a funding agreement for an additional £20m of funding for its short term loan book.
Whilst the fund manager providing the funding cannot be disclosed due to confidentiality restrictions Montello have confirmed that their new funding partner is an experienced London based fund manager, with over £300m under management.
Montello have been in discussions with the fund manager for almost a year and have concluded the agreement and made their first drawdown today.
Christian Faes, managing partner at Montello, 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.”
Montello were advised by Andreas Wesemann and his team from the Mayfair based boutique investment bank Ashcombe Advisers.
Wesemann said:”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.”