Puma Property Finance secures £300m funding line

A care home in Wantage financed by Puma
A retirement living development in Wantage financed by Puma

London-based Puma Property Finance has secured a £300 million institutional funding line with Waterfall Asset Management, an investment advisor headquartered in New York, with approximately $9.8 billion of assets under management. 

This is Puma’s second institutional funding line, following £200 million which was secured from RoundShield Partners in 2018, which remains open for deployment.

Puma stated the new capital will enable it to expand its development lending proposition substantially, offering loans of up to £50 million, adding that the funding is attractively priced, allowing it to provide increasingly competitive rates to prospective borrowers. By targeting a wider pool of loans, the business will seek to support a broader range of professional developers.

Puma Property Finance lends across all sectors and in all regions of the UK at leverage up to 70% loan to value (75% for development exit loans) and 85% loan to cost. Its lending products include core development finance, pre-development bridge loans and development exit loans, on a first-charge, secured basis.

With offices in London, Edinburgh and the Northwest, it has provided access to capital across diverse sectors, including operational real estate such as care homes, hotels and student accommodation.

This funding line represents Waterfall Asset Management’s first partnership with a development finance platform. It was facilitated by Puma Property Finance’s advisors, Brookland Partners.

David Kaye, chief executive of Puma Property Finance, said: “This funding line will provide a springboard for the next phase of our growth and reinforces our position as one of the substantial non-bank lenders to the UK development finance market. As the mainstream banks continue to eschew much mid-market development lending, we recognise the critical role non-bank lenders play in providing access to capital. Borrowers are increasingly looking for lenders who can be flexible and move quickly, as well as bringing a human touch. We seek to address that need.

“Demand is exceeding supply in sectors throughout the UK property market, from housing and industrial through to care homes and retirement living, providing plentiful opportunities for lenders and developers alike. This funding line reflects the growing international interest in UK property finance and broader confidence in the UK economy.”

James Cuby, managing director at Waterfall Asset Management commented: “Our decision to partner with Puma Property Finance is testament to the strength of their lending business, the professionalism of their team and their impressive growth trajectory. Our businesses share the same refreshing approach to relationship lending and we are delighted to support the Puma team’s expansion plans.”

A care home in Harrogate financed by Puma
A care home in Harrogate financed by Puma

Date published: January 18, 2022

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