Paxton Private Finance, a London-based short-term finance provider, has secured £30m (36.54m) in funding.
A high net-worth family funder is said by media reports to be behind the ongoing funding facility, which Paxton says it will put towards expanding in London and the Home Counties.
Secured in 2010 and funded by its own Paxton Secured Income Fund, the lender says it will use the capital to expand its range of products aimed at the short-term finance market.
The provider has said its new range will provide loans above £500,000, and with interest rates starting from 1% it hopes the funding line will galvanise an increase in business.
David Kinane, partner at Paxton, said: "This new funding line allows us to consolidate existing relationships and to create new ones within the introducer base."
"It is a very competitively priced, non-status product that sits well in the market place."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData