A MAJOR new commercial finance provider has launched in Belfast to provide non-banking funding for businesses.
Belfast Commercial Funding - founded by Gareth Graham, founder and chief Executive of Oakland Holdings - has already made loans of £28 million to businesses in Ireland, north and south.
The first non-bank lender to be founded in Belfast, BCF says it has entered the market in response to a clear demand for new sources of funding for businesses unable to access finance from traditional sources.
Mr Graham, whose Oakland group sold Merchant Square in Belfast in 20221 in the largest-ever private sector commercial sale Northern Ireland, said it was that experience which ultimately led to the establishment of Belfast Commercial Funding.
He said: “We planned to develop Merchant Square as the highest quality commercial office in Northern Ireland, but when we sought funding support from the traditional sources, we either could not get a timely response or we received a flat ‘no’.
“However, due to the scale of the project we were able to secure funding from London and New York. We had experienced the challenges of funding smaller projects following the global financial crisis, and this led us to commence funding operations on a small-scale in 2016.
“The sale of Merchant Square allowed us to commit substantial capital and establish BCF as a significant source of funding."
BCF has recruited a strong professional team to head up the enlarged organisation at its city centre headquarters, and it is active throughout Ireland, with borrowers located from Coleraine to Cork.
Adam Dickson, head of underwriting, said: “We are open for business and providing development, bridge, agriculture and SME finance to borrowers in the GB and Ireland.
“We have significant capital to deploy, and within our team have the experience, expertise and dynamism required to quickly assess proposals and come to a decision. We will typically have terms issued within 48 hours and have loans drawn as quickly as two weeks after an enquiry.
“Having come from a development background, we know the importance of a lender’s commitment to a business, whether that be development or a stable source of capital for SMEs.
“We have advanced loans in both euros and sterling ranging from €/£200,000 to €/£3m, to a range of businesses who are already making a positive impact on the wider economy.
“Coming out of the pandemic and with society returning to a degree of normality, it is an exciting time to be involved in supporting new and established businesses. We want to see the economy growing across Ireland north and south I would encourage any business or advisor looking for new funding avenues to get in touch.”
