UK specialist lender Momenta Finance has secured a £20m revolving borrowing base facility from Secure Trust Bank Business Finance's Speciality Finance team to support the platform growth.
Founded in 2013, Momenta Finance supports SMEs across the UK with alternative finance solutions covering unsecured and secured business finance, bridging loans and development finance.
The new facility provides Momenta Finance with additional flexibility to support its lending activity, underpinned by first-charge property-backed portfolio with a demonstrable track record of resilient asset performance. It also includes a further £30m accordion option to provide additional funding capacity that can grow with the business.
This represents the first deal for the Speciality Finance team, having launched to market in June with the appointment of Mike Knox. The team has already built a strong pipeline across the UK's specialist finance market with further deals expected to close before the end of the year.
Jake Trehaeven, Capital Markets Director at Momenta Finance, said: "Momenta Finance has grown significantly over recent years. We have continued to develop our proposition and expand our lending activity, while maintaining a clear focus on delivering for our customers.
"Working with Mike, Talal and the team has been a great experience, and the new facility provides us with the flexibility and funding capacity to support our customers and continue growing our lending activity. It gives us a strong platform for the next phase of Momenta Finance's growth and enables us to build on the momentum we have created to date."
Mike Knox, Head of Speciality Finance at Secure Trust Bank Business Finance, said: "Momenta Finance have built a strong track record in specialist lending, underpinned by an experienced management team and a high-quality property-backed portfolio. This facility offers the business a flexible funding solution to support its origination.
"Since launching our Speciality Finance offering, we have built strong momentum and developed a deep understanding of the funding requirements of established specialist lenders. We have a healthy pipeline as we move into the second half of the year, with the wider market presenting significant growth opportunities, and we're primed to support this with the capital they need to scale."