Pivot secures additional funding from Shawbrook and Insight Investment
Pivot has secured a new funding line from Shawbrook Bank and Insight Investment which will extend its institutional lending capital by £50m.
The short-term property lender was in discussions to secure the funding for six months before the first drawdown last month.
Sarah Watts, associate director at Shawbrook, said: “Pivot present an impressive lending proposition, which we’re delighted to support. Not only do they have a highly experienced team with expertise in both the lending and development arenas, but they are also forward-thinking in the way they utilise technology and work collaboratively with their broker network to find the right solutions for their clients.”
Under the terms of the facility, Pivot can deploy further capital towards loans secured against both residential and commercial assets and it can also utilise these funds towards latter stage development loans.
Shahil Kotecha, CEO at Pivot, said: “Securing the new funding line from Shawbrook and Insight is testament to the hard work put in by the team, ratifies our operational abilities and shows how we have grown as a lender in the alternate finance space.
“The arrangement enables us to leverage the expertise of both institutions and gives us the scale we need to actively promote our offering to the market.”
Pivot is part of a wider real estate group that includes an established residential property developer, a digital property fund manager, a construction company, and a block management business.