Bridging and development finance lender Colenko has secured an increased funding line from Shawbrook.
Colenko said the arrangement reflected Shawbrook’s confidence in the lender, which will be used to accelerate its growth in the UK housing market. The facility took four weeks to complete.
Shawbrook first partnered with Colenko in June 2022 with a funding line to support the business, and the lender has seen continued growth since then.
Colenko was founded in 2017 and specialises in bridging and development loans for property investors and developers.
Liam McGall, associate director at Shawbrook, said: “Colenko has consistently impressed us with its growth and innovation over the past two years. Their focus on technology and exceptional customer relationships sets them apart in a competitive market.
“We’re delighted to extend our partnership and support them as they continue their impressive growth journey.”
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Rob Roscoe, CEO of Colenko, added: “Shawbrook has been a key partner in our success, and we’re thrilled to deepen our relationship. Their agility and flexibility in completing this deal have been outstanding. This funding will enable us to launch new, innovative products and sustain our upward momentum in the market.”
In its most recent trading update covering Q3 2024, Shawbrook revealed its loan book exceeded £15m for the first time.
