Central Trust secures £90m of funding  

21 January 2010 | By Natalie Thomas

The new funds will allow Central Trust to re-enter the secured lending market, which it vacated almost two-years ago.

At present the firm says it only has plans to lend through its own brokerage.

As well as secured loan lending and broking, Central Trust offers mortgage broking and lending, general insurance and debt management plans and individual voluntary arrangements.

It says it doesn’t have any plans to use its funds to restart its mortgage lending though.

Speaking of the new credit facility and the implications for the business, Andrew Turner, executive chairman of Central Trust, says: “We are delighted to have secured this new funding facility from RBS and NAB.

“It is a testament of our business model, our reputation and resilience in these tough economic times. It is also an endorsement of the strength of proposition that we create for our customers and their requirements.”

“The new funding puts us in a very strong position for 2010. It allows us to invest further in the development of a wider product range, and provides the financial platform that we believe will allow us to take advantage of the predicted improvements in the economy as they come through later in the year,”

Kieran McSweeney, director of structured finance and corporate and institutional banking at RBS, says:  “Central Trust has established itself as the largest and most highly respected independently owned financial services organisations in the country.

“Despite tougher trading conditions it continues to flourish, reflecting the diversified income stream model the company has established and we have provided funding to support its strategy for growth and help expand the product proposition it has in mind for its customers.”

Greg Elswood, director of specialised group assets at NAB, says: “Central Trust has been a good customer of National Australia Bank for a number of years, and we are delighted to continue our support for the company.  Andrew Turner and his team have managed difficult markets well, and the new credit facility will help to support Central Trust’s growth plans and the next stage of the company’s development.”