Marketplace lender Wellesley hires Pramerica’s Moffat

Marketplace lender Wellesley & Co has appointed Andrew Moffat as head of property finance, PDI sister title Real Estate Capital reported. 

Moffat joins from Pramerica Real Estate Investors where he was head of residential finance for the UK.

Prior to that role, Moffat managed the Charterhouse London Residential Property Fund for HSBC, and before that was head of property finance at Charterhouse Bank.

In his new role he will be responsible for Wellesley’s development lending and bridging finance teams, which number about 20 people overall including origination, credit and loans administration.

Wellesley has provided around £250 million ($383 million; €337 million) of finance to borrowers since launching in 2013 and said investors could earn up to 6.32 percent with term lengths between 30 days and five years. Borrowers are generally small to medium sized residential property investors and developers.

“Importantly, we will only grow the loan book if the market outlook remains sound,” said Moffat. “We expect to deliver the growth in our current market, which is in schemes up to £20 million in scale, where the end product is attractive, affordable and appropriate for end occupiers and are not overly reliant on either overseas investors or wealth based purchasers.”

Wellesley has financed development schemes in Bath, Nottingham and Sussex, and office to residential conversions in Chelmsford, Teddington, Windsor and Manchester. It has provided short term loans for the purchase of flats in Holland Park and Finchley in London and development sites in Manchester.