Specialist finance broker Finance Kitchen is set to launch its own loan portfolio to fund loans for the hospitality industry.
These loans will be funded partly by block discounting and partly by peer-to-peer investments.
The new lender aims to help small independent hotel operators looking to acquire and develop new sites.
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“As the restaurant industry looks to rebound after a terrible few years, access to cash is vital for those looking to grow and get their plans back on track,” said Finance co-founder Kitchen, Ian Woodley.
“Not only does the financial industry have trust issues with restaurants, but they don’t fully understand their needs and as a result good business just doesn’t happen, which is heartbreaking.”
Woodley co-founded the Finance Kitchen business with Angela Bramhall in 2015, and since then has acted as an asset finance broker, particularly for restaurant fit-outs and renovations.
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Bramhall said that while restaurants are considered niche lending, “it’s a huge niche.”
“It’s time for the industry to have a supplier who shows more empathy and sees restaurants as not just another vanilla company,” she added.
Bramhall and Woodley have already entered into discussions with key investors and potential lenders with a view to launching the lending activity later in 2022.
Woodley said News Peer2Peer Finance that the lender is not yet regulated by Financial Conduct, “but obviously will be before launch”.
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