THINCATS has hired a former Allied Irish Bank (AIB) executive to bolster its loan origination team.
The peer-to-peer business lender has recruited Kash Moghul (pictured), former head of new business for London and the South East for AIB.
He will be covering the Northern Home Counties and Essex, bringing expertise in ‘event driven’ finance – particularly management buyouts and and acquisitions.
“The AIB was never going to compete with the big banks, so we had to be creative, focusing on buy-and-build and cash flow loans,” Moghul said.
“Banks’ mindsets are still stuck in the old days – it’s slow and unwieldy. I want to be able to tell a business owner within a week of meeting them whether we can do a deal or not – I don’t want to lead them down the garden path.”
Moghul said ThinCats has an understanding of small businesses and their financing needs that make decision making possible.
“The ability to move from initial contact to fully backed credit terms is one of the fastest I have come across, and this can only be achieved through the trust and understanding we build with clients and advisers alike,” he added.
The hire follows the addition of Rob Thompson to the ThinCats team earlier this year and continues a busy period for the company. It recently secured £200m of institutional funding and last December hit a monthly lending high of £12m.