Kingsway Asset Finance has appointed Mike Day to the company’s board of directors.
Following growth this year, Kingsway became part of the Praetura Asset Finance group with the newly created role of sales director part of the next growth phase for the company.
Commenting on his appointment, Day said: “I feel very proud that the efforts of both myself and my team have been recognised in such a way. I look forward to the challenges ahead.”
Day has spent over 35 years in the industry, and 15 years leading the sales team at Kingsway in the role of sales manager.
Adrian Anthon, managing director at Kingsway Asset Finance said: “The promotion is both in recognition of Mike’s important contribution to Kingsway’s success to date, along with the enhanced responsibility that Mike will be assuming, as a result of the company’s ambitious growth plans.”
Praetura acquired Kingsway Asset Finance in January following a £15m investment by RM Secured Direct Lending (RMDL).
The firm specialises in providing debt financing and is subscribed to an initial issuance of a £15m loan note programme with Praetura. With a combined loan book of £100m, the enlarged group aims to offer SMEs a wider range of services.
Praetura offers funding between £10k – £3m for leasing, hire purchase and refinancing across various hard asset classes, including transport, construction, engineering and agriculture.
Earlier this year, Praetura closed a £75m securitisation facility with NatWest Markets. The rated facility will allow Praetura to expand its origination capacity, enabling growth in its loan book to provide up to £200m to SMEs across the UK.
NatWest has previously granted funding of £30m into Praetura’s existing loan books, and the latest facility is intended to enable Praetura to increase its funding capacity.