Challenger bank becomes latest member of ASTL

Challenger bank becomes latest member of ASTL

Hampshire Trust Bank has become the latest member of the Association of Short Term Lenders, taking the number of full members to 31 including 23 ‘associate’ members.

Specialist challenger bank Hampshire Trust brings “further diversity” to the association’s membership, the association said, as it seeks to provide a balanced voice in the short term lending sphere.

Benson Hersch, chief executive of ASTL, commented that increasing membership is of great importance, to make sure the association is truly representative of the short term lending market.

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“However, it is not just about numbers, it is also about who those members are and what they can bring to the association.”

Hampshire Trust Bank was acquired in May 2014 by a new management team with backing from the Alchemy Special Opportunities fund II.

It was previously a wholly owned subsidiary of National Counties Building Society, having been established in 1977, offering residential bridging loans, development finance, deposit accounts and savings bonds.

David Morris, managing director for commercial finance at Hampshire Trust Bank, added: “As members we not only look forward to its support but also to being actively involved in taking the ASTL forward.”

Yesterday (14 September), the bank launched a new bond with a 30-month term and minimum investment of £5,000.

This means it now offers four savings accounts to business customers - three bonds and a 100-day notice account.