The net proceeds will be used to fund continued organic growth in vehicle and asset finance.
It will also enable the group’s new property bridging finance to grow beyond its initial pilot scheme.
This comes as the group plans to have a portfolio of receivables of £750m by September 2022.
- B&C roundtable: surviving a heated bridging market and the rise of regional lending
- PCF plans to enter bridging market
- Asset finance lender granted banking licence
Scott Maybury, chief executive officer at PCF Group (pictured above), said: “Since gaining our banking licence, we have been able to grow the volume of our retail savings and our lending book considerably faster than we had planned for, without any need to compromise on our target rates or credit quality.
“The £10m we plan to raise today [20th February] will help provide capital headroom to accelerate growth and support the next stage of the group’s strategic plan.
“We are ambitious for the next phase of PCFG’s development and are confident that we remain very well placed in both our well-established divisions and in our newer broadcast and bridging finance lines.”
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