Ashman has obtained its UK banking license. The approval grants the banking establishment permission to trade with restrictions imposed by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), a press release reported.
“We are delighted to have received regulatory approval. Our banking license is an important first step in realizing our ambitions to support SME borrowers and personal savers alike, with a different approach to lending that delivers the service and range of products we know SME developers need,” James Leach, CEO of Ashman, said in a press release.
Ashman was initially founded by real estate experts, Ashkin Mittal and Manhad Narula, who share a common goal of transforming the property SMEs’ banking experience. The company specializes in offering lending funds to SMEs in the commercial real estate industry.
“We are proud to be the first new entrant to be licensed this year and to be doing so from Birmingham, which is the perfect city for us to build a business we know can have a lasting impact on the market,” Leach said in the release. “Birmingham has an incredibly strong talent pool and is a hub that provides all the supporting expertise we need to deliver our ambitions.”
Based in Birmingham, it has established an executive team led by former Global COO of Maple Financial, Leach. Other executives contributing to the team include Lisa Nowell, Caroline Luxmore, Matt Cowan and Simon Healy. Its lending capacity will range from £100k to £5 million.
It hopes to aid the sentiment of various SMEs contributing to the market. According to a recent press release, half of the respondents for a SME commercial lending market survey say they are unable to access finance and 84% admit to becoming frustrated by non-reliant decision-making and credit offerings.
“Digital by design, Ashman plans to deliver speed and a personalized service to clients and brokers,” a press release states.