Belfast Commercial Funding (BCF), the nonbank lender run by businessman Gareth Graham, says it has raised extra cash to continue lending money across Ireland.
Founded in 2014 to fill a gap left by retrenching banks, BCF calculates that it has lent out cash to businesses in every county in the country.
The firm confirmed on Wednesday that it has raised extra finance from the Foresight Group, which provides wholesale loans to alternative lenders.
BCF says that this will allow it provide “much-needed finance” to business across the island and grow its loan book.
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Adam Dickson, head of underwriting, said the move significantly increased its capacity. “This additional line of funding will enable us to broaden our real estate offering and support more SMEs, housebuilders and entrepreneurs across the country,” he added.
Dan Lawson, Foresight’s senior private debt manager, said the partnership with BCF would aid its ambition to grow its asset-backed lending portfolio.
He noted that BCF’s highly experienced team had built a “successful business by providing flexible funding to an increasingly under served market”.
A well-known figure in Irish business, Mr Graham is chief executive of BCF. The firm lends up to £5 million sterling (€5.8 million) across four areas: property bridging and development, small and medium-sized enterprises, and agriculture.
The company has written 80 loans across Ireland. It believes the North and Republic are underserved by the banks, which it says has contributed to the housing shortage.
Foresight Group is a London-listed private equity and venture capital business.
