NEXA Finance

New property lender NEXA Finance reveals expansion plans

A new development finance lender is seeking to grow its team to up to 10 employees within the next 18 months.

Ex-RateSetter head Brian Cartwright (pictured above) — who is the managing director of NEXA Finance — told Development Finance Today that it intends to build out the operations side of the business.

Brian said that it was looking to appoint a director of credit and operations, a BDM, as well as administration and back-office staff.

The company has been softly lending for around three months and plans to draw down roughly £5m of development funding this year, with another £15m of funding targeted for next year.

It offers three products: property development finance for SME developers and housebuilders, property refurbishment loans and property exit funding.

NEXA currently has PRA authorisation and is seeking FCA authorisation to launch a peer-to-peer product in Q1 2021.

Brian said that the ethos of the business was to connect people.

“From my perspective, we will operate funding models for the institutions, and for the retail investors, and where possible we will seek to make sure that the returns are made across the board, for both institution and retail customers, in the same levels.”

Initially, NEXA will focus on property in the East Midlands, although Brian didn’t rule out looking further afield in due course.

 “We know the [East Midlands] property market, we know the areas, we know the values.

“So, clearly our local knowledge and intelligence gives us [mitigated risks] in the business.

“However, the business will be institutionally funded — and is institutionally funded beyond our major shareholder — so therefore you would expect that the business would expand into regions where the institutional investors would like to see their funding deployed.”

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