Experienced property duo launch new bridge-lending business with private finance backing
GRE Finance (GRE), a new principal lender with the backing of specialist property funder ASK Partners (ASK), has entered the commercial property market.
The short-term property lending business is headed up by Michael Mirelman, ex-Barclays and Topland Group, and most recently director of broking firm Stonegrove Capital, alongside co-founder Daniel Benton, former director of JMJ Real Estate, a London-centric property investment and development firm.
With evergreen capital provided by ASK, GRE will focus on the mid-tier market with an average loan size of GBP1 million and will be use-class agnostic. All loans will also be fully real-estate backed, meaning that personal guarantees will not be required. Both directors have significant property experience and know that the market is looking for this kind of flexibility and expertise.
GRE co-founder, Michael Mirelman, says: “Bridging finance is a vital source of capital provision for the UK property market, particularly given the funding void caused by the current market conditions. We are delighted to be partnering with ASK on this new venture. Having a private source of finance will give us the opportunity to be service-led, prioritising speed and flexibility, to really work closely with clients to make deals happen.”
Daniel Benton, GRE’s other co-founder, adds: “It is very exciting to be poised to offer innovative funding solutions that will allow developers and investors to complete projects, have the breathing space to secure sales or longer-term funding. It is a pleasure to be working with ASK given their deep understanding of the property lending market.”
Daniel Austin, CEO at ASK, says: “There is a huge gap in the market for bridging facilities at this level. Both GRE founders have an excellent track record and a wealth of experience to offer clients and I believe are well-positioned to build a significant bridge-lending loan book at a time when others are having to pull back. We are delighted to have formed this strategic partnership; providing capital to GRE allows ASK to access a different area of the market than we would otherwise and will be key to us growing our overall loan book which currently stands at GBP475 million.”