From Clapham nightlife to steak restaurants, Jordan spent 20 years creating his own businesses in the hospitality industry before stepping away from the nighttime industry 18 months ago to take a more active role in his bridging firm, which until then had been a secondary business.

With this new funding, Jordan now plans to open up the throttle. “For us to get to where we want to get to in 12 months, we have the financial resources in place,” he said.

Using these resources, he plans to increase LTVs to 75% while lowering pricing from 1.25% to 1% per month. Additionally, Jordan now wants to expand the reach of the firm, moving away from what he sees as its reputation for quirkier transactions and venturing into new and quicker deals with clearer exits.

While Wey plans to carry on operating in those quirkier ‘boutique’ areas, this additional funding “enables us to continue to do that, but we've got this faster, slicker, more vanilla line that's available for us to draw down,” explained Jordan.

The new backing adds to Wey’s funding composition, which consists of private funders and an FCA peer-to-peer fund. However, for Jordan, the new line now means the firm will not have to build pipelines around private funder appetites or fiscal events from friends or family; instead the funds will be instantly accessible within set criteria.

“That's a big difference for us now, knowing that capital is there and it's just a case of drawing down on it, as opposed to finding a deal and then trying to raise the capital — or getting the capital and then trying to find a deal. This is a real game changer for us,” said Jordan.

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Being able to make drawdowns upon request from Renaissance is expected to have a significant impact on the autonomy of the company’s funding activities and take the handbrake off the business, Jordan believes.

“[It’s] almost [like] being a bird released — we're not just beholden to other people's financial positions and we're not having another institution underwrite every loan,” said Jordan.

As Wey has come to the forefront of Jordan’s efforts over the past 18 months, the company has also invested in a new CRM and a physical office. It is now looking to grow its headcount from the current team of four staff members with the appointment of a new BDM and underwriter.

Headcount is just one area where the company is looking to expand. In the past year and a half, the lender has already seen loan book growth from £4m to £12m, with aims to increase this further.

“From 18 months ago, we tripled the size of the book and, now with the funding line that we've just been approved for, we want to double the size of the book in the next 12 months.”

Wey is also looking to build up infrastructure and its own internal platform, as well as working on a plan to recycle profits and self-fund.

In the more distant future, Jordan is open to larger plans.

“I wouldn't rule out a merger, an acquisition or even an exit of the business, so I'll be very happy to start talking about M&A opportunities within 12 to 24 months.”

“I think there are a number of lenders like us with a similar size and similar funding structure, and I think there's an interesting conversation around getting three or four of us together at the right time, forming a bigger book, and then potentially looking to exit.

“The world is our oyster really, and we're enjoying that — enjoying the journey and enjoying the concept of different options.

“But at the core of it is building a robust business that makes money for our investors and makes money for us that we can recycle and lend.”