New short-term lender Omni Capital will be the first of a number of serious players in the high-value property market, says Affirmative Finance.
CPC Group, the property development business owned by Christian Candy, has joined forces with Mortgage Centre IFA, to launch bridging lender Omni Capital.
Omni Capital will offer short-term loans to individuals and small-scale developers, predominately within the prime postcodes of central London.
Roger Morris, sales and marketing director of Affirmative Finance, expects a lot of growth in this market and new entrants.
He says: “Omni Capital is competing with firms such as ourselves. It is only interested in vanilla individuals and high-value properties in central London.
“There will be a number of serious players entering this market.”
Omni’s loans typically range from £50,000 to £5m with loan periods ranging from 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.
Paul Munford, managing director of Mortgage Centre IFA, says the property finance market remains limited in supply with very few new entrants. He says: “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.”
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.”