Omni Capital and Arc & Co have joined forces to complete back-to-back second-charge bridging loans with a combined value of over £4 million.
Mayfair-based Arc & Co, a boutique finance brokerage selected Omni Capital as its preferred lending partner for both deals. No other brokers were involved and speed was a crucial factor.
The first case required a second-charge loan in excess of £2.6 million at 75% LTV. Secured on a property in Chelsea, the client, a corporate entity, had specific time and completion constraints. A particular complexity was that the subsisting first-charge was granted as an Islamic mortgage, which required specialist legal intervention.
Completed just one week after the first, the second case was valued at £1.4 million and is secured on a property in Hampstead. It was also a second-charge loan at 75% LTV and is subordinate to a first-charge in favour of a famous London banking house.
“There is no mistaking the increasing demand from brokers for high-value second-charge bridging finance for their property investor and development clients,” said Colin Sanders, chief executive officer of Omni Capital.
“Happily, Omni Capital is one of a relatively small number of short term lenders able to meet their needs.
“Funded directly by our parent company, CPC Group, we have a distinct appetite and ability for this type of business. Working in close partnership with a brokerage of the quality of Arc & Co. enables us to deliver the right outcomes for their clients denied elsewhere.”
Andrew Robinson, managing director of Arc & Co, added: “As independent advisors the success of our business is dependent on our ability to provide timely solutions to complex transactions.
“In these deals in particular, Omni Capital played an integral role by supporting us and the clients with their specialist knowledge and access to professional advice.”
