Alternative investment manager, Balbec Capital, has announced the acquisition of specialist property lender Funding 365.
The transaction encompasses the acquisition of the Funding 365 origination platform and its existing loan portfolio, along with newly originated loans.
Founded in 2013, Funding 365 focuses on first charge bridging loans to UK individuals and SMEs. The lender offers same-day credit terms and has originated over 1,700 loans since inception.
The acquisition will allow Funding 365 to enhance its first charge bridging, development and specialist buy-to-let lending ranges.
The Funding 365 management team, including managing director and co-founder, Michael Strange, and director Paul Weitzkorn, will remain with the business and continue to lead day-to-day operations under Balbec's ownership.
Ryan Singer, partner and head of residential credit at Balbec, said: “This acquisition represents a compelling opportunity to re-enter the UK bridging market alongside a well-established platform and an experienced management team with an excellent credit track record. Owning an origination and servicing platform is essential to effectively access the UK specialist lending market at scale, and provides us with greater control over underwriting standards and asset selection and management. We are thrilled to expand our European real estate capabilities and to support Michael, Paul, and the entire Funding 365 team as they embark on their next phase of growth.”
Funding 365 managing director and co-founder, Michael Strange (pictured), commented: “Joining forces with Balbec marks an exciting new chapter for Funding 365. The Balbec team’s deep credit expertise, institutional infrastructure and financing relationships, and technological capabilities will enable us to develop new products, grow our origination volumes, and serve our broker partners and borrowers even more effectively. We look forward to building on our track record together with a partner that shares our commitment to disciplined underwriting, product excellence, and exceptional service.”
