Cynergy Bank is rolling out short-term finance option Bridging Finance, to support the needs of business owners, entrepreneurs and family.
Specifically, Bridging Finance offers a range of unregulated bridging loans of up to £10m.
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The bank expects that the target market loans will be in the range of £1m to £5m.
Cynergy Bank will offer loans of up to 70% LTV inclusive of interest capitalisation and fees. The maximum term for Cynergy Bank Bridging Finance will be up to 11 months.
Mark Dearman, head of commercial banking & bridging finance at Cynergy Bank says: “This product provides a funding solution where clients have a timing issue in raising more conventional funding, with a known and proven repayment exit plan.
He adds: “Bridging Finance will broaden the Cynergy Bank product set. This deepens relationships with existing and new clients by offering an extension product complimentary to the current loan offering.”
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By GlobalDataBank of Cyprus UK rebrands as Cynergy Bank
Bridging Finance is the first product launch since the former Bank of Cyprus UK rebranded as Cynergy Bank last December.
Bank of Cyprus sold its UK operations in 2018 in a deal worth around £100m. Cynergy Bank currently serves around 70,000 retail banking and 5,000 SME customers.
It aims to empower business owners, property entrepreneurs and family businesses to manage their business and personal interdependent finances.
Cynergy says that the demand for bridging finance has increased in recent years. For example bridging finance volumes grew in 2018 to hit around £800m.
The product is available for direct applications and through brokers for both new and existing customers. It is targeting UK-based professional landlords and property entrepreneurs.
Nick Fahy, CEO Cynergy Bank adds: “Cynergy Bank’s mission is to offer the nation’s medium sized property and family businesses a real alternative.
“We are investing in technology, and the best people to help us support these businesses. And we are widening out our product offering with services such as bridging finance.”
