The AIM-listed specialist bank announced the plans in its preliminary results for the year ended 30th September 2018.
In his chief executive’s statement, Scott Maybury (pictured above) announced that it had recruited a small team of experienced staff, with the first member having already started.
- Asset finance lender granted banking licence
- Dawn Trustam joins new bridging lender
- Colin Sanders launches new bridging lender
“This will further diversify PCF’s lending model with a new asset class.
“The skill set of the team is rooted in bridging finance with more than 30 years’ experience of lending to this market.
“This is an opportunity to enter a large marketplace in a measured way.”
PCF currently operates in the principal areas of consumer finance for motor vehicles and business finance for vehicles, plant and equipment.
Scott felt that the diversification placed value in its new liquidity model and the capital efficiencies incumbent in property lending.
“The intention is to be a specialist property finance provider, avoiding the competitive ‘master broker’ relationships and building a new business line that meets our NIM [net interest margin] and return on equity targets.
“This is a new market for PCF and there is cost in building our operating model.
“We, therefore, expect this new business line to make a contribution, at the gross profit level only, in 2019.”
Leave a comment