RM Secured Direct Lending (RMDL), an investment fund providing asset-based lending, has committed £22m (€25m) for new investments.

The committed capital is part of the £30m raised through a C share issue in October. (C shares are not converted into ordinary shares until the money pooled is fully invested.)

RMDL added that it was “in the advanced due diligence and documentation phase on a number of other prospective investments,” and consequently expected the C share capital to be “substantially invested” by the end of February.

RMDL’s lending targets UK SMEs and mid-corporates abroad. Its first dip into asset finance was in August 2017, when it provided a loan of £10m to Praetura Asset Finance, secured on the latter’s books.

In November, RMDL also agreed a £10m revolving credit facility from OakNorth, to increase its liquidity.

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