Marine mortgage provider Promarine Finance has secured a £30m revolving funding facility from Secure Trust Bank Commercial Finance (STB CF) to support its growth.
Promarine was founded in 2010 by Stuart Austin, and is an FCA regulated provider of marine mortgages, facilitating the purchase of new and used leisure vessels.
The business provides marine mortgages for all types of leisure vessels, including RIBs, motorboats, sailing yachts, and canal boats.
The company says that having boat owners on the team has contributed to its growth, with the staff able to understand the needs of fellow boat owners and boat brokers, leading to attractive and quick financing solutions.
The new funding supports the continued expansion of the business, and will also allow the business to offer improved terms to the market.
Funding
“The funding will provide us with the flexibility and sufficient headroom to continue expanding,” said Stuart Austin, MD at Promarine Finance.
“We pride ourselves in our people who make a difference for our customers, and we have found STB to have the same values, making for a good fit.”
Debbie Partridge, regional sales director at Secure Trust Bank Commercial Finance, added: “It’s been an absolute pleasure to work with Promarine Finance on this funding round.
“Working with the business, we have structured a tailored facility that will help them continue to scale their operations.
“Stuart and the team are making significant waves in the industry, and we’re excited to support them as they embark on further growth.”
