Oval Estates gets ThinCats investment
West Midlands lending service ThinCats has invested £180,000 in property developer Oval Estates.
Online funder ThinCats, which began trialling in January this year, made its first investment outside the Midlands with Radstock-based Oval Estates.
The money has been lent over 12 months and it will be used as additional working capital to fund further developments.
According to ThinCats, the clearing banks effectively "closed their books" on property lending and Oval was unable to get credit.
Kevin Caley, ThinCat's managing director, said: "As bank lending has contracted, more companies are looking for alternative ways to raise the funds they need to grow.
"At the same time, investors are frustrated by the very low interest rates available on their savings and the volatility of the stock market. ThinCats provides a solution to both these problems. By bringing lenders and borrowers together and cutting out the bank, both sides get a better deal."
So far ThinCats said it has lent more than £1m through eight separate loans.
