Various finance group GLI Finance has formally rebranded to Sancus Lending Group, after the title change was accepted at its annual shareholder assembly at present.
The corporate mentioned that the change in title displays its focus on the choice property finance sector, which has confirmed to be the main progress space within the enterprise over the previous couple of years.
GLI Finance’s board had proposed the name change final month.
Learn extra: GLI losses widened during pandemic
The group specialises in property bridging and growth financing from £500,000 to £10m plus all through the UK, Eire, Jersey, Guernsey, Gibraltar and the Isle of Man with a distinct segment in coping with extra advanced lending proposals.
Alongside Sancus’ personal proprietary capital, its funding sources embrace a £75m credit score facility with Honeycomb Funding Belief, the Sancus Mortgage Notice Programme and Sancus Co-Funders.
Sancus Co-Funders embrace personal shoppers, excessive internet price people, household places of work, trusts and establishments.
Sancus has just lately funded a £4.9m growth mortgage to construct 27 homes in Cornwall, a €1.05m (£903,747) bridging mortgage on a 23 residence advanced in South County Dublin and a £9.1m mortgage to construct and develop 11 homes in Jersey.
Learn extra: GLI shareholders back restructuring plans
“The rebrand of GLI to Sancus and the next focus on our core enterprise of property finance comes at a time after we are seeing a really vibrant, lively and buoyant property market throughout all our jurisdictions, notably within the UK and Eire the place there have been sizable will increase in demand for residential housing, supported by a spread of presidency initiatives,” mentioned Andrew Whelan, chief govt of Sancus Lending Group.
“We’re delighted to be supporting various schemes targeted on the modifications in “working from residence/workplace” hybrid fashions caused post-pandemic.
“We’ve additionally seen a rise in exercise within the huge cities and we’re offering finance to some giant city tasks within the Midlands and North West of England in addition to Dublin, Eire.”
GLI Finance shareholders just lately voted in favour of a restructuring of the business, which included the refinancing of present bonds and a £4m fairness fundraise.
In its 2020 monetary outcomes, the group reported an operating loss of £5.5m – up from 2019’s working lack of £900,000. This was attributed to “the runoff of the BMS UK Fund and on stability sheet loans”, in addition to decrease transaction income through the pandemic.