The department is led by Jamie Jolly, who joined the bank as director of bridging in August from bridging lender SoMo, where he was managing director.
Jolly has over 20 years of experience in financial services and was part of the team that launched business bank Revverbank in 2019 and was previously head of commercial at specialist lender Together for 15 years.
Hampshire Trust Bank says Jolly will be supported by specific business development managers, underwriters, valuers, solicitors, and a portfolio team.
The lender adds that its bridging business has been overhauled and will offer loans up to £25m at a maximum loan-to-value of up to 75% of market value.
Its loan terms of up to 24 months cover all types of refurbishment projects, ranging from light to heavy.
The unit will accept residential, commercial and mixed-use security as well as accepting second charges as additional security. The business also handles discounted purchase transactions.
Hampshire Trust Bank’s Jolly says: “Hampshire Trust Bank has built a great reputation across specialist mortgages and development finance, but we’ve never quite cracked the bridging market.
“We have taken some time to think about what we need to do and how we need to do it. It is clear is that a bridging lender can’t be successful when done off the side of the desk.
“What we are now offering isn’t a bolt-on or ring-fenced part of an existing team – it is an experienced team solely focused on providing bridging solutions and service to the broker market.
“As a team, we understand the need for simplicity and strong lines of communication. We put all deals in front of decision makers within hours of receiving the enquiry.”