A Wirral real estate finance firm started during the Covid-19 pandemic is celebrating its second successful year in business.
The Harrogate Group, which provides funding for residential and commercial developers and investors across the UK, has advanced £81m in loans in the last six months. In its first year, the company provided £15m of funding for real estate projects, growing to £30m in 2022.
The Harrogate Group was co-founded in 2021 by Faisal Arif and Sue Wright, who spotted a gap in the market for offering an alternative to traditional bank finance.
Products include bridging loans, development finance, forward funding and exit finance,
supporting developers from a project’s inception through to completion and exit.
The business represents a broad range of investors – including private individuals, family offices and UHNWs – being their delivery partners in the UK.
The Harrogate Group employs six people at its office on the Wirral. In 2022, the company opened an office in Birmingham, and it has plans to open an office in the Middle East.
Faisal Arif, chief executive of The Harrogate Group, said:
“At a time when interest rates are climbing and the high street banks are demanding high loan-to-value ratios, The Harrogate Group is assisting developers with bridging finance to kick-start their projects.
“In the last six months, we have supported 20 plus UK developers with funding for projects with a gross development value in excess of £500m. These projects are delivering much needed new homes, helping to regenerate communities and creating jobs.
“We are proud that the roots of the company are in the Wirral and excited by the opportunities to branch out into other cities and countries as the business grows, whilst keeping our focus firmly on the UK real estate market.”
The Harrogate Group launched its Private Property Fund last year to provide financial support for residential and commercial developments. In addition to bridging finance, Harrogate provides development loans and commercial mortgages ranging from £5m – £50m.