Bridgebank Capital has announced that it has successfully secured a major new line of funding of potentially up to £100 million from funds managed by Pamplona Capital Management, an investment management firm with funds under management in excess of $7 billion.

Pamplona has also taken an equity stake in the Bridgebank Capital business, which as a result has led to a reorganisation of Bridgebank Capital and the establishment of a new group structure, with the formation of Bridgebank Capital (IM) Holdings Limited, as the Group holding company.

The agreement represents a milestone in the expansion of Bridgebank Capital, which will initially involve the ability to deliver material growth in bridging and short term lending. However, the relationship will also support the Group’s future growth plans in respect of other new loan products.

As part of the growth strategy, Bridgebank Capital is to open a new office in London later this month as a dedicated base for its Southern region team of four dedicated Business Development Managers and supporting Underwriters.

Laurence Goodman, Group Managing Director of Bridgebank, commented:

“We have invested a huge amount of time and effort over the last few years to identify the right funding partner for the business. This investment provides us with the ability to access as much funding as we require in order to grow the Group’s bridging and short term loan book, and to support the launch of other related loan products in the future. It is an exciting period for Bridgebank Capital with new people and products being introduced. We look forward to making further announcements over the coming months.”

Nitin Bhandari, Partner of Pamplona Capital Management, commented:

“Bridgebank Capital is facing a tremendous market opportunity and we are very pleased to partner with it. We are fully supportive of Bridgebank Capital’s future growth plans and see several opportunities to leverage our combined resources to create a market leading secured lending platform. We look forward to working with Laurence and his team and our fellow shareholders in the years ahead.”

Jonathan Laredo, Partner of Pepper Capital Advisors, commented:  “We are pleased to have been able to successfully advise and help Laurence and his fellow shareholders in raising this capital. We look forward with anticipation to the next stage in Bridgebank’s evolution into one of the leading short term lenders in the UK “.

Pepper Capital Advisors acted as financial adviser to Bridgebank Capital in this debt and equity fundraising.

For any press enquiries please contact Claire Pender, Head of Marketing at Bridgebank Capital, on 0808 222 22 11.

In order to support further growth plans and enhance further their customer support levels, Manchester based bridging lender Bridgebank Capital is delighted to announce a new senior appointment in their Underwriting department.

Stephen Rowland joins Bridgebank Capital as a senior mandated Underwriter, reporting directly to the group’s head of underwriting Steve Spragg. Stephen has over 15 years property lending underwriting experience in both the bridging and sub prime mortgage sectors.

Stephen commented ”I have been extremely impressed with the setup of the Loan Processing and Underwriting team at Bridgebank Capital, which is a team that shares my approach to lending, in terms of working with and dealing openly and honestly with brokers and their clients, to provide a very hands on and efficient service level.  I look forward to bringing my wealth of underwriting experience to an established and reputable lender.”

Steve Spragg, Bridgebank’s head of underwriting commented “This new appointment has been planned in order to handle our increasing levels of business and to provide the very best in service levels in the Loan Processing and Underwriting areas. I am delighted that Stephen has accepted our offer to join Bridgebank Capital and wish him every success in his new role.”

For any press enquiries please contact Emma Hodson, Head of Marketing on 0808 222 22 11