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Finance Company Lends Record £1m to Developer

  April 14, 2016    General News    mike last

A new commercial lender, Exeter Finance, has completed in excess of 55 lending transactions and has advanced over £10 million to businesses in the South West in the last 18 months.

The business has been set up by Peter Keech, who also started Arbuthnot Latham in Exeter, after what was to be the start of retirement for Peter. Peter comments “Whilst it was great to have a few months off after Arbuthnot, I could see that there was a real market for smaller property based lenders in the South West. Forming Exeter Finance has been an exciting challenge. We are not a bank – instead, we have a number of investors who place funds with us and we then lend the funds to local businesses, property investors and developers. This is typically for short term finance.”

Examples of the type of transactions funded in the past 18 months include stock finance to for a specialist sports and leisure retailer, and development finance facilities for a local developer, Milton Property Developments Limited. Paul Milton comments “The speed of delivery has been key for us working with Exeter Finance – as a small developer, it’s essential that we move our development projects forward quickly and efficiently, and Exeter Finance’s arrangements have enabled us to do this.”

Ashfords LLP advise Exeter Finance on the legal aspects of its loan and security arrangements and the team is led by Rebecca Dury. Rebecca is recognised for her specialist experience in Banking and Finance by both Legal 500 and the Chambers & Partners Guide to the Legal Profession. Peter said “We are delighted to have worked with Ashfords on so many transactions since our set up. Rebecca and the team deliver a comprehensive service, to include the documents and process that underpins lending transactions. They run a comprehensive Extranet service for us so that our documents and processes are organised. We very much consider them to be our ‘in-house’ team.” Rebecca adds ‘We are pleased to have supported Exeter Finance on what has been such a successful growth and development story. We have worked on a variety of lending transactions. The fastest enquiry to lend was just over 24 hours, which shows what can be done when a borrower, a lender and their legal teams work closely and collaboratively together.

“In terms of plans for the future, Peter is looking to develop the website and marketing strategy. To date all of the lending transactions have been from word of mouth and referrals, which is testimony to the Exeter Finance service delivery. Peter says “We are anticipating significant growth as we go forward.”

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