Aldermore has launched a new construction finance team, which will be led by Chris Smith, who joined last autumn from Walbrook Asset Finance. 

This new division will offer financing options to construction businesses, including finance for firms in the sector looking to switch to more sustainable working practices. It will fund a wide range of assets, from the smallest excavator to the more complex, structured, multi-asset transactions. 

Clients using the service will have direct access to a dedicated point-of-contact within Aldermore’s sales team as well as its in-house support team to ensure a simple and rapid route to funding.  Aldermore says this proposition will help construction firms grow, innovate and improve operational efficiencies. 

The company has made a number of strategic hires in recent months with a view to establishing this new team. Alongside Smith, Aldermore has recruited Paul Morse from Capital Equipment Finance and Jon Burrell from PEAC Business Finance. Both will be business development managers for specialist equipment. 

Aldermore has also recruited Tin Lau, Derri Skip, Sarah Rampton and Christina Montoya as sales analysts.

Aldermore commercial director of asset finance Lee Rhodes says: “The construction sector is one of the largest in the UK economy, employing over 9% of the UK workforce. The sector is fundamental to our economy and will play an important role as we invest in our future.

“These businesses have shown their resilience throughout the pandemic and many of them are now looking to invest in and grow their business. Our research shows that construction SMEs plan to invest on average £119,114 in growth strategies over the next 12 months.

“Yet access to finance can be significant barrier to growth, as cited by one in five construction SMEs, so we are delighted to be expanding in this space, to better support businesses in their growth ambitions as they help level up the UK.”