The extended credit line will enable the development lender to grow its lending activity and progress new debt financing strategies, including plans to complete its first loan outside of the UK.
“Cain’s continued backing and confidence in our lending strategy since 2018 has propelled Fortwell to new heights,” said Dan Smith, CEO at Fortwell (pictured above, right).
- Fortwell completes £31.5m loan for Sheffield residential development
- Fortwell Capital names new associate director
- Mm Capital secures £6.6m loan from Fortwell Capital for Shrewsbury industrial development
“In this next phase, we see a major opportunity to bring new, non-construction loans on board, as well as look at opportunities in new markets outside of the UK, and possibly new capital partners to fuel the growth of the business.
“The extended facility with Cain will enable Fortwell to capitalise on some of those new lending opportunities, while continuing to support developers that require finance to progress complex projects across all sectors and UK regions.”
Since Fortwell first joined forces with Cain in August 2018, the lender has powered the delivery of new residential and commercial space with around £600m of funding across 19 loans, including four revolving credit facilities.
The lender has made its biggest impact within later living, enabling the construction of 50 new purpose-built care homes since 2014, amounting to over 3,500 new UK care beds.
The extension of its credit line will enable Fortwell to accelerate its push into the sector and consider a dedicated strategy focussed on funding care homes, retirement living and other similar assets within that space.
Since the partnership began, the business’s loan repayments currently stand at £180m — 30% of its loan book.
John Cole, senior managing director at Cain International and head of the firm’s global debt business, added: "Since partnering with Fortwell in 2018, we have been impressed with the team's ability to identify and execute on compelling investment opportunities in the specialist real estate debt market.
“We have worked well together over the last 32 months and the team's resilience, despite a challenging backdrop, has reaffirmed our belief in the long-term strength of the business as it seeks to expand its reach into new sectors, loan types, and markets.
“We are delighted to continue to back Dan and Arthur [Jennings, MD at Fortwell, pictured above, left] and the impressive team they have built in this next phase of growth for the business and look forward to continuing our work with the firm in the months and years to come.”
Fortwell confirmed it is now starting to focus on capital requirements for 2022 and beyond to fuel its continued growth.