Colin Sanders launches new UK bridging lender
Tuscan Capital announced today that it is open for business and ready, willing and able to provide additional new funding to the non-regulated real estate bridging sector.
Headed by Colin Sanders, the former CEO of bridging and development lender Omni Capital/Fortwell Capital, Tuscan Capital is headquartered in Mayfair, London W.1. and offers a product palette comprising conventional and “outside the box” short-term funding solutions.
Tuscan Capital said it welcomes enquiries from brokers, advisers and experienced property professionals.
Joining Sanders in the senior team for the lender’s initial launch phase are Matthew Rogers and Bob Sturges, who will serve in the capacity of head of sales and head of PR & marketing respectively. Both have previously worked with Sanders.
The lender confirmed that further appointments have already been made and will be announced separately in due course.
Supported by both private and institutional investment from Quilam Capital, the London-based provider of equity solutions to entrepreneurial businesses operating in the financial services sector, Tuscan Capital said it had secured robust funding lines able to support its ambitious but achievable growth forecasts.
Product solutions are available on property throughout England and Wales and offer the following key features:
- Direct access to senior mandated decision-makers – no credit committees.
- Short decision lines.
- “Inside the Box” lending – priced for competitiveness.
- “Outside the box” lending – bespoke decisions and risk-based pricing.
- Intermediary-focused model.
- Funding from £250k to £3m – and more by negotiation.
- Monthly rates – from 0.75%
- Terms from 3-18 months.
- Non-regulated business only.
Sanders, pictured, said:
“The first question I’m asked by industry insiders is can the market take another lender? I believe it can so long as that lender addresses a need and provides a solution not necessarily available elsewhere.
“At Tuscan Capital we’re not looking to radically re-shape bridging or claim a market leading position overnight. We will not be driven to write volume as our main priority. Instead, we’ll focus resolutely on our key principle of combining traditional values with new, innovative thinking. In particular, we will bring back speed and decisiveness to the decision-making process”.
“Critical to our success”, he continued, “will be our highly-experienced team. Having Matt and Bob on board is just the beginning with more familiar names to follow. Together with the faith shown in Tuscan by Quilam Capital, a high-quality investor with a seriously impressive track record, I’m entirely confident we will carve out a niche in the market that benefits borrowers and brokers alike.”
Kieran McSweeney, partner at Quilam Capital, added:
“We are delighted to be supporting Colin and his talented team once again. The bridging sector is one where we have a lot of experience and despite being competitive, Colin has the relationships and track record to make Tuscan Capital a very exciting investment for us.”