The lender now plans to make a significant impact on the bridging market.
David Kinane, partner at Paxton Private Finance, said the lender was “open for business” with interest rates starting at just 1% on lower loan to value loans.
And for Kinane the big difference between Paxton and other lenders is relationships.
He said: “As a totally non-status lender we strive to maintain a strong relationship with both the client and the intermediary.”
Paxton aims to maintain that relationship by visiting all its clients every month.
Nick McLean, partner at Paxton Private Finance, explained the proposition, and said: “We are trying to place ourselves in the position of the old fashioned bank manager.”
And the lender said it had its eyes firmly set on the refurbishment market.
Kinane said: “Refurb is our prime market. We will do development but we really like the refurb space.
“London and the Home Counties is our patch but that’s not to say we won’t look at other areas.”
Paxton will be offering loans between £500,000 and £1.5m but stresses that it will focus on the relationships with its borrowers and brokers.
McLean added: “We won’t be juggling, we want to do deals as quickly as possible. We like to make the process transparent for all parties.”
The lender was established in 2010 and its new investment follows almost a year of negotiations and due diligence.
