Shawbrook has extended its financial backing of development finance lender Magnet Capital to support its future growth.
The full terms of the deal include a £25m line of which £17.5m is committed, over a three and a half year term.
The firms first partnered in 2018, when Shawbrook provided a facility to Magnet worth £5m. Since then, the two lenders have strengthened their relationship, growing the facility to £25m. During that same time, Magnet Capital has redeemed more than £60m worth of loans.
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The expansion of the Shawbrook funding line will help Magnet to reach more customers and to undertake larger deals as it continues to grow.
“Magnet Capital is a strong business in the development finance space who have continued to demonstrate robust growth during our partnership despite the macroeconomic challenges present in the last half a decade,” said Luke Randall, director, speciality finance at Shawbrook.
“At Shawbrook, we take our existing relationships seriously and deals like this are a testament to our team’s ability to grow the support available to a business as they themselves continue to expand.
“We look forward to watching Magnet Capital’s continued success in the future.”
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“Our relationship with Shawbrook has coincided with a strong period of growth for our business,” added Sam Howard, co-chief executive of Magnet Capital.
“In that time, we have redeemed well over 100 deals and, with the increased level of funding provided by this deal, look forward to furthering this upward trajectory.
“We are thrilled to continue our journey with Shawbrook who constantly demonstrate their experience and expertise in the field when working with us.”
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