Following the announcements earlier this year that it had secured additional funding and was to launch an expanded product offering, bridging lender Tuscan Capital has reported a strong half-year performance in 2019.
In April, the lender’s maximum loan size was increased from £3m to £7.5m and its product range widened to include four distinct but complementary lending channels: Bridging; Mixed-Use/Semi-Commercial; Heavy Refurbishment; and Auction Funding.
More recently, Tuscan Capital announced three experienced appointments to its broker-facing sales and underwriting teams.
The lender claimed that these changes helped it perform strongly in the six-month period ending 31st July 2019 and provided the following data by way of comparison with the equivalent period last year:
- Number of Term Sheets issued – up 57% against last year
- Completions by £ value – up 37%
- Live loan book by £ value – up 96%
- Committed (‘paid for’) current pipeline by £ value – up 41%
- Number of brokers supported through successful completions – up 43%
- Number of payroll employees – up by 5
- Funding capacity doubled (to £100m) through increased equity investment and by adding a new institutional funding line
Colin Sanders, pictured, CEO of Tuscan Capital, said:
“Having established ourselves as a credible alternative for a number of brokers and intermediaries in our first 12 months in business, the introduction of our broader product range has helped build further momentum.
“As a result, we have enjoyed an excellent flow of qualifying new business from a number of high-profile intermediaries since our product range was enhanced earlier this year.
“Our proposition heavily relies upon demanding service standards and quick decisions which is why we have bolstered the team with a number of highly-experienced new hires in both front and back-office roles. This has enabled us to maintain service levels as we continue to grow.
“Our performance in the first six months of our second year has been particularly pleasing given the challenging market conditions and fierce competition.
“With a strong pipeline heading into the second half of the year, and with great feedback from a number of our broker partners, we are optimistic for continued growth which will see us deliver results well ahead of our expectations for 2019.”
Following confirmation of Tuscan Capital’s half-year performance, a number of the lender’s supporting introducers offered their own testimonials.
Michael Clapper, CEO of Black Book Finance, said:
“Our first experience with Tuscan was an extremely positive one. It was a complex deal, with lots of moving parts and tight deadlines, but the Tuscan team were highly responsive and flexible and took a commercial view wherever possible. We are delighted with their service, and with the client outcome, and we will certainly be returning for more.”
Ed Horne-Smith, managing director of Arc and Co., said:
“I know the team at Tuscan well so I approached them with a challenging second charge deal in central London for a High Net Worth client of mine. Far from straightforward, the Tuscan team delivered without any dramas and got the deal done to a tight timeline.”
Adrian Coles, managing director of Commercial Mortgage Solutions, said:
“The Tuscan team delivered a bespoke funding facility which met the developer’s requirements in a challenging market. The deal was put together in just a few working days which, with a few twists and turns in the process, proved Tuscan’s ability to be flexible and pragmatic to get things done. We were impressed by our first experience of Tuscan Capital and will be keen to do more with them in the future.”
Mike Giblin, managing director of Manage Your Mortgage, said:
“I was introduced to Tuscan Capital through a mutual friend who suggested that they might be able to fund a particularly challenging bridge loan for an entrepreneur who had a somewhat checkered business history. The deal was reviewed, and a commercial approach was adopted with Heads of Terms being issued within 24 hours. The legal process for the deal was far from straightforward. However, Tuscan’s pragmatic approach got the deal done. I would happily recommend Tuscan Capital as a credible flexible short-term lending option for any broker.”