GB Bank has opened a Mayfair office as part of its expansion into the London and South East property sector.
Stephen Lancaster, chief executive and co-founder of GB Bank, said: “The opening of our London office is a significant milestone for GB Bank.
“This expansion allows us to serve the entire UK market even more effectively.
“Since securing our full banking licence in 2022, we have been successfully delivering property finance solutions across the UK with exceptional communication and rapid turnaround times.
“Our new office gives us a great base to bring our flexible approach to the London market.
“We pride ourselves on playing an active role within local property markets so we are now looking forward to partnering with local developers and investors in and around the capital on their upcoming projects.”
The announcement followed GB Bank securing an £85m investment from new backer Hera Holdings and existing shareholder, the Teesside Pension Fund.
This allowed GB Bank to raise its loan size to £10m per project, with a Loan To Value (LTV) ratio of up to 80%.
To support its national expansion, GB Bank initiated a major recruitment drive, aiming to nearly double its workforce within the next year.
Since becoming a fully licensed bank in August 2022, GB Bank has approved more than £90m in loans to support more than 130 property projects in locations from Northumberland to the south coast.