Promarine Finance sets sail for growth following £30m facility from Secure Trust Bank Commercial Finance
Promarine Finance Ltd (Promarine), a specialist in marine mortgages, has secured a £30m revolving facility from Secure Trust Bank Commercial Finance (STB CF) to support its continued growth.
Founded in 2010 by Stuart Austin, Promarine is an FCA regulated provider of marine mortgages, facilitating the purchase of new and used leisure vessels. Since then, Promarine has developed a strong reputation for building long-term relationships with its customers and industry partners, providing highly flexible terms and market-leading service levels.
The business provides marine mortgages for all types of leisure vessels, including RIBs, motorboats, sailing yachts, and canal boats. Having boat owners on the team has helped it understand the needs of fellow boat owners and boat brokers, which has contributed to it delivering attractive and quick financing solutions.
Promarine recently secured a £30m tailored facility from STB CF. The business is operating in a dynamic environment, with economic developments and challenges affecting buyers and sellers. With a trusted finance partner, this new funding supports the continued expansion of the business, maintaining its culture and reputation as a market leader. It will also allow the business to offer improved terms to the market.
Stuart Austin, managing director at Promarine Finance, said: “When I first spoke with Debbie from STB, I said it was ‘too good to be true’, a statement that I have since repeated a lot of times. As an independent lender, it has been difficult to find a bank that understands our unique risks and is willing to support us, but the STB CF team has been supportive since our first conversation.
“The funding will provide us with the flexibility and sufficient headroom to continue expanding. It was great to work with Alex at Bermans again, who has supported us over the past five years and really looked after us in a timely and friendly manner to get this deal completed. 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, said: “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.”
Bermans Solicitors (Dave Gledhill / Alex Chapman) provided legal advice and Hilton Baird (Helen Anderson) provided due diligence.