Balbec Capital LP has acquired Funding 365 Limited, a UK.-.based specialist property lender focused on bridging finance.
The transaction includes Funding 365’s origination platform, existing loan portfolio and newly originated loans. The acquisition supports Balbec’s strategy of strengthening its origination capabilities in attractive U.K. credit markets and provides direct access to the U.K. specialist lending sector through an established lending and servicing platform. Funding 365’s management team, including co-founders Michael Strange and Paul Weitzkorn, will remain with the business and continue to oversee day-to-day operations. Founded in 2013, Funding 365 is a lender in the U.K. bridging finance market, providing short-term, first-charge bridging loans to individuals and small and medium-sized enterprises.
Advisers to the transaction included Interpath as financial adviser to Funding 365 and TLT LLP as legal and tax adviser. Pinsent Masons LLP served as legal adviser to Balbec, while BDO LLP provided financial due diligence and tax advisory services.