Specialist development lender Pivot has obtained a 50% increase in its institutional funding capacity, managed by Foresight Group.
This will enable Pivot to continue to scale and diversify its offering to brokers and developers.
This follows on from the initial commitment from funds Pivot secured in November 2023. This was managed by Foresight Group and was brought in to supply senior debt alongside Quilam Capital, which provides junior capital and equity.
So far, Pivot has completed nearly £250m in transactions across development and short-term finance.
The lender has focused on growing its team in the last year, and in January, it appointed Chris King as head of credit.
Pivot said it had started the year with an “exceptionally strong pipeline” of business across the UK; in particular, loans of £1m-10m for SME developers.
How the housing landscape is set to shift
Sponsored by Halifax Intermediaries
Paksan Wu (pictured), capital and treasury director at Pivot, said: “The relationship we have with our funding partners is a marked USP for Pivot.
“Going beyond the typical dynamic means that we have full support to deliver a clear, compelling offering to a market [that] is still very much in need of reliable finance solutions.
“Foresight’s approach to development finance completely aligns with our model, and they recognise the strength of our people, processes and tools.”
