Ortus looks to double commercial lending
Commercial bridging lender Ortus Secured Finance is planning to double its loan book in 18 months with a big push on short-term lending secured on commercial property throughout the UK, including Northern Ireland and Scotland.
The lender, which has specialised in short-term finance for pub and hotel owners, revealed ambitious growth plans over the next 18 months and said it hoped to see business levels triple in Northern Ireland.
Jon Salisbury, managing director of Ortus, said: “We have been quietly growing our business over the past few years and have already lent a considerable sum in Northern Ireland with the help of CS Finance, our intermediary partner based in Belfast.
“The provision of commercial funding in this area is limited and we see it as a particularly strong opportunity for growth.”
Salisbury added that the lender is also hoping to significantly grow its lending in England, Scotland and Wales by the end of 2017.
Ortus has issued over £50m of agreements in principle in Q1 of 2016 with conversion rates running at an all-time high.
Salisbury said: “We have strong relationships with several distributors around the country but are always looking to broaden those out.
“We’ve been recognised in the industry as a reliable lender with an innovative approach to commercial deals – we’re looking for income-bearing short-term commercial opportunities where bridging finance stands to help the borrower improve the value of their security.
“Funding, particularly in Northern Ireland and Scotland, can be scarce, even in situations where we consider the security to be good and the risk low.
“We’re hoping to do our bit to change that over the coming months.”