A new Leeds-based lender has launched with £30m in funds available to support SMEs.
Fresh Thinking Capital has been established by Melanie Hird and Andrew Walls who have a strong track record of investing in and supporting SMEs over the last ten years. The firm will offer secured lending loans of between £100,000 and £2m to help small and medium sized businesses looking for finance quickly.
The duo has the backing of a private investor, and, so far, has secured deposits of £30m initially for five years with a view to deploying further funds.
The company's Thorpe Park offices in Leeds will be its headquarters, with a second office in London. It plans to build a network of five offices nationally within two years.
Hird and Walls were founders of Seneca in Yorkshire and will continue to work with the firm on potential equity requirements as well as introducing opportunities.
Andrew Walls said:
"We are already working with other lenders including banks, ABLs and equity funders to bridge gaps to ensure refinances and transactions complete.
"We are encouraged following a number of discussions we have already had with banks and management teams who see the benefit of utilising short-term funding to be able to take advantage of opportunities which can be refinanced in a more normal timetable in due course."