Spring Finance secures additional funding line with Shawbrook

Spring Finance has announced the completion of a new funding line with Shawbrook Bank. 

The facility will primarily be used to support Spring’s development finance product range, which launched to the market in June.

The new Shawbrook facility sits alongside Spring’s existing facilities with NatWest, Hampshire Trust Bank and Aldermore Bank. 

The lender also recently announced that it has partnered with Optalitix and LendingMetrics to provide a origination and integrated decision engine for its mortgage division.

Andrew Bloom, CEO of Spring, said: “We are delighted to have completed on our fourth institutional funding line. It is a testament to the strength of the team and the robustness of Spring’s lending proposition, that despite the challenging economic climate, Shawbrook has agreed to support us. Securing the right mix of funding is key and this new facility positions us well to achieve our ambitious growth targets.”

Claire Newman, director of bridging and development finance at Spring, commented: “The addition of Shawbrook to our funding lines is the latest positive news from Spring following the recent announcement of our development finance launch. We are looking forward to working with the Shawbrook team as we continue to grow the division.”

Warren Mutch, head of speciality finance at Shawbrook Bank, added: “We have known Andrew, Claire and the Spring team for a number of years and have been impressed with their performance and growth trajectory. We are very pleased to complete the transaction and to be supporting Spring with the next phase of their journey.”