The undisclosed amount will be primarily used to support the specialist lender’s development finance product range that was launched into the market in June 2024.

Spring already has existing facilities with NatWest, Hampshire Trust Bank and Aldermore Bank.

The lender’s development finance division supports SME developers, self-builders, and those extending their homes, by providing ground-up development finance for new-build sites and light development finance to fund conversions, change of use, incomplete sites, and home extension projects.

•   The Finance Professional Show 2023: The Video
•   Tilia secures £250m sustainability linked fund from HSBC UK and Homes England
•   Spring launches development finance division to support developers and homeowners

Claire Newman, director of bridging and development finance at Spring (pictured above), 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.”

“We have known Andrew, Claire and the Spring team for a number of years and have been impressed with their performance and growth trajectory,” added Warren Mutch, head of speciality finance at Shawbrook. “We are very pleased to complete the transaction and to be supporting Spring with the next phase of their journey.”