The lender said this will provide capacity to grow its loan book size to over £150m.
Bridging lender Tuscan Capital has secured a new funding line from a UK-based provider.
Tuscan Capital’s third funding facility is a forward flow-funding agreement which it said will enable it to broaden its broker-facing product range whilst providing capacity to increase its loan book size to over £150m.
Colin Sanders, chief executive at Tuscan Capital, said: “Signing the new funding facility as we draw to the end of our second year’s trading sends a positive signal to the market that we expect to continue to grow and expand throughout a challenging economic period.
“Our proposition has been very well received by our broker partners.
“This additional capacity means we can continue to offer certainty of funding as the market reacts to the recent General Election outcome, and all its consequences, throughout 2020.
“As a result, Tuscan Capital now expects to extend both its product offering and geographic reach to support a long-term and sustainable business that will shortly burst through the milestone of £100m in originations.”
The lender said it ended 2019 having doubled its loan book balance year-on-year and with a substantial pipeline of broker-introduced new business in place.
