Paul Munford launches bridging lender with Candy brother
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CPC Group, the property development business owned by Christian Candy has joined forces with Mortgage Centre IFA, to launch Omni Capital, a short-term lender.
Omni Capital will offer short-term loans to individuals and small-scale developers, predominately within the prime postcodes of central London.
The loans typically range from £50,000 to £5,000,000 with loan periods of three to 12 months. The company says it is flexible in its approach, with no credit scoring and it will use professional judgement in assessing propositions.
The team says it will look at a wide range of opportunities for residential property lending and offer immediate decisions with same day loan offers.
Christian Candy, founder of the CPC Group, says: “There is a huge gap in the market for quality funding, so it made sense for CPC Group, with its property expertise, to join forces with financial specialist, Mortgage Centre IFA to satisfy the demand. Omni Capital prides itself on providing clients with a reliable and speedy funding solution service.
“CPC Group has maintained a strong financial position which has enabled us to make a number of strategic investments both inside and outside of the property industry, of which Omni Capital is a prime example.”
Paul Munford, managing director of Mortgage Centre IFA, says the property finance market remains limited in supply with very few new entrants.
He says: “We are seeing clients with substantial property equity and excellent funding propositions who are unable to access funding through their traditional lenders.
“Omni Capital bridges that gap by offering quick and flexible finance, with clear and fair terms and conditions.
“Mortgage Centre IFA is experienced in lending and broking and feels the time is right to launch a new lender. We have substantial resources behind this new operation, both in terms of funding and also the resources of our sales and administration teams and the full resource of CPC Group.”
In the long term Munford says its intention is to develop Omni Capital into a wide ranging property finance business and it has considerable potential for growth into new markets.
The company is based in Mayfair and is run separately to CPC Group and Mortgage Centre IFA.
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Readers' comments (6)
Keith Thomas | 22 Nov 2010 12:21 pm
A broker deciding to become a lender? Let's hope he knows what he@s doing. Good luck.
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Peter James | 22 Nov 2010 1:18 pm
A mortgage broker and a property developer?? Where is the lending experience there?
Perhaps as a developer they think that the worst that can happen is that they end up owning the properties. Maybe that's what they want.
I agree with Keith. Good luck to them! I imagine this will be like the Candy property fund that failed to launch last year.
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chris gardner | 22 Nov 2010 2:37 pm
Well, at least they having a go - good luck to them!
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Simon Mouncher | 22 Nov 2010 8:58 pm
Low risk, high reward. Looks like a sound platform to launch from. Another lender coming to any part of the property market is only good news. I guess some people just don't understand.
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Rob Jupp | 23 Nov 2010 7:03 am
It's another new entrant prepared to innovate and lend. Although perhaps a smaller step then we have seen recently with the return of Paragon at al, it is still a step very much in the right direction and I agree with Chris's previous posting. Good luck to Paul and his team.
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Akif | 28 Nov 2010 2:36 pm
Check this
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