Specialist property finance institution GB Bank has secured a £20m capital boost to accelerate its growth plans.
The bank, which specialises in lending to property investors, has received an extra £16m from Hera Holdings Ltd and an additional £4m from the Teesside Pension Fund.
The bank has an initial growth target of £500m in total lending.
Hera Holdings Ltd and Teesside Pension Fund are existing investors in GB Bank, having invested £30m and £6m respectively in 2024 to date.
Growth in BTL
Mike Says (pictured), GB Bank’s chief executive, said: “It is a fantastic vote of confidence in our growth strategy and in the progress [that] we have already made as we look to become the go-to lender for property investments in the UK.”
Introducing the Green Living Reward
Your clients can now get up to £2,000 cashback for making energy-efficient home
Sponsored by Halifax Intermediaries
Says added that the lender was making “substantial in-roads” into a number of different sectors, particularly in the buy-to-let (BTL) market and in London and the South East.
“This investment will further enhance our ability to hit our ambitious lending target in 2025, so we are very grateful to Hera Holdings Ltd and Teesside Pension Fund for their continued support,” he said.
Says was appointed as chief executive in August, succeeding co-founder Stephen Lancaster, who stepped away from the business after seven years. Previously, Says held the position of CFO.
Since receiving the initial investment in May, GB Bank has opened up a new headquarters in London and has expanded its London workforce to service its fast-growing client base.
Morgan replaces Sismey-Durrant
The bank has also made changes at board level.
Chair Mark Sismey-Durrant is stepping down from the role, and he will be replaced by Huw Morgan.
Morgan has over 25 years’ experience in the UK banking sector, with the majority of that time spent in senior roles.
He has operated in executive roles at HSBC, including as regional director of the South West and Wales business and head of the business banking UK leadership team.
