The collaboration with Shawbrook Bank complements Spring’s existing facilities. Credit: Worawee Meepian / Shutterstock.

Specialist mortgage lender Spring Finance has completed a new funding line with Shawbrook Bank, which aims to enhance its development finance offerings, reported Financial Reporter.

Launched in June 2024, this development finance range from Spring caters to various construction and renovation projects, targeting SME developers.

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It includes ground-up development for new builds and light development finance for conversions and extensions.

These products are accessible for both FCA-regulated and non-regulated loans.

Spring’s finance options are designed to cover 100% of construction costs, with loan amounts ranging from £100,000 to £2m. Notably, the products come with the advantage of no exit charges, offering greater flexibility to borrowers.

The collaboration with Shawbrook Bank complements Spring’s existing facilities with NatWest, Hampshire Trust Bank, and Aldermore Bank.

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Additionally, Spring recently collaborated with Optalitix and LendingMetrics to build a mortgage origination system.

Spring CEO Andrew Bloom said: “We are delighted to have completed our fourth institutional funding line. It is a testament to the strength of the team and the robustness of Spring’s lending proposition, that despite the challenging economic climate, Shawbrook has agreed to support us.

“Securing the right mix of funding is key and this new facility positions us well to achieve our ambitious growth targets.”

Spring bridging and development finance director Claire Newman said: “The addition of Shawbrook to our funding lines is the latest positive news from Spring following the recent announcement of our development finance launch. We are looking forward to working with the Shawbrook team as we continue to grow the division.”