BCF Lending is backing the expansion of The Quays shopping centre in Newry, Co Down, with a €9.25 million loan.
Founded by Belfast businessman Gareth Graham to fill a gap left by banks, Belfast Commercial Funding (BCF) lends to smaller businesses that require financing.
BCF is funding the expansion and redevelopment of The Quays, which serves shoppers from both sides of the Border and is located between Dublin and Belfast.
Neither side revealed details of the loan, but sources familiar with the deal calculated its value at about £8 million (€9.25 million).
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Graham, who is BCF’s chief executive, said The Quays had an important regional role and clear opportunities.
He said the lender was pleased to support the next stage of the centre’s development and looked forward to building a strong long-term partnership.
Expansion plans include the addition of a new food court at the centre while it is in talks with retailers about adding to The Quays’ offering.
Tom Coughlan of centre developer UGP said the funding provided a strong platform for the future.
“The Quays has been an important part of the retail landscape for many years, and we are hugely excited about its future,” he said.
Coughlan said BCF’s background meant that the company understood the property market.
Graham said commercial property needed lenders that could respond quickly and work with borrowers through every stage of a project.
BCF focuses on companies where it can see long-term potential and which are committed to delivery. It has clients across the island of Ireland.
Graham established the business when he saw a gap emerging in the commercial lending market as businesses and banks recovered from a financial crisis and recession around a decade ago.
The entrepreneur has a track record in the property business.
