Banking · SME Lending · Press Releases

LHV Bank extends its maximum loan size to UK SMEs to £5 million


London & Manchester, UK 17 May 2023: LHV Bank, a leading provider of banking services to fintechs and SME lending solutions for UK businesses, announces the extension of its maximum loan size to £5 million, enabling further support for UK SMEs aiming to grow.

LHV Bank’s Manchester-based SME lending team offers commercial mortgages for investment properties and trading businesses, with loan amounts starting from £0.5m. A key aspect of LHV's approach is its regional focus, which allows Lending Directors to better understand and address the specific needs of local borrowers.

By leveraging its robust balance sheet, ready access to capital, and purpose-built technology that accelerates the funding process, LHV Bank can deliver swift decisions on loan applications and rapid access to funds. The bank recently completed a £1.5 million loan for the Hurstwood Group, a prominent North-West property investor with commercial property assets exceeding £250 million, in just 16 working days.

Stephen Ashworth, the CEO of Hurstwood Group, conveyed his appreciation for the collaboration, remarking, "LHV Bank's team demonstrated remarkable efficiency in arranging the £1.5 million loan, their dedication to understanding our distinct needs, and their notable capacity to meet the short deadline allowed us to promptly capitalise on the investment opportunity. The team have a wealth of property experience, and I look forward to our next deal together."

Alongside the regional approach, LHV Bank’s business also prioritises working with commercial brokers, who are key partners for the Bank and source of referral business. To strengthen this aspect, LHV Bank recently joined the Financial Intermediary & Broker Association (FIBA) and The National Association of Commercial Finance Brokers (NACFB), trade bodies focussing on supporting and representing commercial finance brokers and intermediaries in the UK.

Becky Owen, Commercial Director of LHV Bank, said, "Expanding our maximum loan size will allow us to better support UK businesses in achieving their growth ambitions. With our processes, team and technology proven to deliver rapid funding to businesses, our near-term goal is to strengthen our broker network and establish long-term, mutually beneficial relationships.”

In addition to the Manchester office serving the North, LHV Bank plans to begin issuing loans in the South from its London headquarters.

LHV Bank entered the SME lending market in October of last year by acquiring Bank North’s SME lending business and received approval from the Financial Conduct Authority to start issuing loans in December 2022. In early May, LHV became the first financial institution in 2023 to secure a UK banking licence without restrictions from the Prudential Regulatory Authority.

Share article

Copy link