A new bridging lender, providing additional new funding to the non-regulated real estate bridging sector, has been launched today by industry veteran Colin Sanders.
Tuscan Capital, based in Mayfair, London, is offering a product range which it describes as conventional and “outside the box” short-term funding solutions. It is welcoming enquiries from brokers, advisers and experienced property professionals.
It will lend in England and Wales and will offer direct access to senior mandated decision-makers, with no credit committees. Funding is from £250,000 to £3m (more by negotiation), with monthly rates from 0.75% and terms from 3-18 months.
Tuscan Capital’s ‘inside the box’ lending is described as being priced for competitiveness, which its ‘outside the box’ offering means bespoke decisions and risk-based pricing.
Sanders (pictured) is most recently former CEO of bridging and development lender Omni Capital/Fortwell Capital, and has also run Money Partners and GE Money Home Lending.
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 is supported by both private and institutional investment from Quilam Capital.
Sanders 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 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.”