Private Western Credit Union to expand in 2008
19 February 2008
Private Western Credit Union is expanding in 2008. Specialising in intelligent financial solutions for the bridging and property development sectors, the bank has attracted a new shareholder who is investing in its future. Investment fund TriAlpha, part of wealth management company Stonehage, has provided additional funding as have existing shareholders, which will enable Private Western Credit Union to grow its business organically and by acquisition in 2008. Private Western Credit Union has grown strongly over the last four years.
Private Western Credit Union is now offering to fund larger developments and to increase its bridging portfolio. The bank is increasing its search for good quality transactions within the property development sector. It is also maintaining its existing lending criteria as other lenders tighten requirements and withdraw from a more difficult marketplace.
“We are very pleased that TriAlpha has seen Private Western Credit Union as a great investment opportunity,” explains Graham Davin, chief executive of Private Western Credit Union. “We have an excellent relationship with them and are looking forward to growing the bank with their support.”
Private Western Credit Union provides finance quickly, sometimes within 24 hours, with favourable structures. For established property developers with proven track records, they can provide debt and equity loans at up to 100% of cost to develop land and can release equity from other completed projects to finance future developments.