Omni Capital has completed a £20 million ‘super’ bridging loan.
The deal was introduced by Alburys Property Finance, a Weybridge-based specialist high-net worth brokerage.
The short-term lender owned by Christian Candy-backed CPC Group, says access to guaranteed and substantial in-house funding was the key to the successful completion of the deal, which is thought to be one of the largest-ever bridging loans completed by a specialist UK lender.
The bridge was provided to enable completion of a high-end, multiple-unit residential development project in a prime Surrey location. Alburys acted as the sole broker.
The development is now able to move ahead with confidence after the project stalled following failed, drawn-out re-financing negotiations with its original funding partners.
Omni Capital revealed that the original funders comprised two banks providing tranches of senior and mezzanine debt respectively. Without agreement on mutually-acceptable terms, the developer faced the ‘perfect storm’ of an expiring debt situation and sharply escalating costs and fees.
The bridge provided by Omni Capital paid down both banks, the site sub-contractors and specialists, and allowed a new developer – requiring funding through a complex corporate structure – to assume control.
Omni said the loan-to-value ratio was consistent with bridging sector norms.
“Very few bridging lenders have the funds, appetite and resources to contemplate, let alone complete, a deal of this size and complexity,” said Colin Sanders, chief executive officer of Omni Capital. “We have, and we’re in the market for more.
“Funded entirely in-house – and requiring considerable internal effort on the part of our risk team, solicitors and valuers – our financing is structured on flexible and competitive terms. We take a pragmatic approach to ensure our customers receive the right solution for their particular circumstances. Above all, we place great value on the role of the intermediary.
“In this regard, I must pay tribute to Andy Stanbury of Alburys Property Finance. His commitment and sheer professionalism have enabled us, in partnership, to overcome significant challenges and deliver a positive outcome beyond the reach of far larger, longer-established mainstream lenders.”
Stanbury said: “From a broker perspective, belief in the funder’s willingness and ability to deliver is key. From my first conversation with Martin Gilsenan, Omni Capital’s sales director, the lender showed a clear intent to do this deal, despite its size and complexity.
“The consistency of their position throughout the process gave me confidence, and the result shows what a broker-lender relationship can achieve.”
