Property Buying Company: Wetherby homes-for-cash firm set for expansion after record £10.5m funding deal

The money from Reward, which specialises in providing tailored business finance to SMEs across the country, will also go towards expansion plans.

It is a landmark funding deal for Reward as its first one worth more than £10m.

The Property Buying Company is now looking to accelerate the next stage of its growth plans, with the funding allowing it to further bolster its systems, infrastructure and recruit more staff.

It is also now in a position to complete a “significantly increased volume” of property purchases in the year ahead.

The Property Buying Company was founded in 2012 by Karl McArdle and Jonny Christie and has rapidly grown into the UK’s largest house cash buyer.

It says that it guarantees a swift property transaction in any location nationwide to vendors facing a range of lifestyle circumstances, such as having recently inherited a property or needing a quick sale due to a chain break.

Mr McArdle said the financing deal allows the company to prepare for its next chapter.

“We’re hugely grateful to the contribution made by investors who have helped us rapidly expand the business over the last 11 years,” he said.

"It’s been an amazing journey. However, we’d always hoped to regain full shareholding to gain greater control over the direction of the business.

"Now feels like the right time to make that move as we enter a major phase of growth.

“We turned to Reward as we needed a lender which understood our business and could provide a fast and flexible funding solution of this size and complexity which also involved taking 49 properties as security in a short space of time.

"The additional working capital will provide the catalyst for expansion and gear us up for what promises to be an exciting 12 months ahead.”

Dave Jones, Reward’s founding director, added that The Property Buying Company is an impressive business.

“I’ve recently had the pleasure of spending a significant amount of time with both Karl and Jonny, to get under the skin of their business and structure a deal which is bespoke to their needs,” he said.

"They’ve built up a fantastic business and so we’re really pleased to have been able to provide an agile finance solution that has enabled them to regain full ownership and fuel future expansion.

“A single deal of this lending size, being in excess of £10m, is also a first for Reward and a real landmark for the business.

"We have now completed over 2,000 deals.

"However, it seems very fitting that this milestone has been achieved by supporting Karl and Jonny, as Reward also first started its own journey in Leeds at a very similar time to them.”

Established in 2011, Reward now has more than 70 staff operating from Leeds, Manchester, Birmingham, London, Edinburgh and Cardiff.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​