Connaught announce Mayfair Bridging as additional Specialist Partner
By Bridging Loan Directory -
Connaught Asset Management, the boutique asset manager, has today (10th January 2012) announced that the directors of its regulated subsidiary, Connaught Asset Management (Guernsey) Ltd, have approved the appointment of bridging finance lender, Mayfair Bridging 2 Limited, as an additional Specialist Partner to its Connaught Income Fund Series 2.
The appointment of Mayfair Bridging is subject to completion of the necessary legal agreements and is targeted to go live on the 1st February 2012. Connaught Asset Management (Guernsey) Ltd propose to make £1 million per month of funding available to Mayfair Bridging, subject to the maintenance of the required liquidity levels in Income Fund Series 2.
Connaught Income Fund Series 2 is an authorised Class B unit trust domiciled in Guernsey; it complements Connaught’s existing Series 1 and 3 Funds, and lends in the residential housing market for the short to medium-term with a target LTV of 65%. The Fund also has the option of investing up to 10% in commercial property.
The news follows Connaught’s announcement last month that its Income Funds Series 1 and 2 are currently responsible for £130 million of funding into the short-term lending market.
Mike Davies, Chairman of Connaught Asset Management Ltd, commented:
“We are pleased to make this announcement of our intention to appoint Mayfair Bridging 2 Limited as our additional Specialist Partner for the Income Fund Series 2. The appointment is intended to be completely complementary to the Funds’ existing and highly successful relationship with Tiuta plc. As part of our focus on how best to use the Fund’s assets it is important that we look at all potential opportunities and with Mayfair Bridging being based in the North of England, this new relationship will provide additional geographical diversification for us. We anticipate that the agreement will begin at the start of February, subject to the completion of all necessary legal agreements, and we are looking forward to working with the team at Mayfair Bridging following this process.”
Shoaib Bux, Director at Mayfair Bridging, said:
“We are extremely pleased at our appointment as an additional Specialist Partner to the Series 2 Fund. 2012 is set to be a big year for Mayfair as we aim to become a top tier bridging lender by offering larger loans that complement our existing portfolio of products. We have a strong appetite to lend and this will be the start of a strong and successful relationship with Connaught. ”