The former chief executive officer of GE Money Home Lending and Money Partners Colin Sanders has been appointed CEO at Omni Capital.
Sanders is replacing Paul Munford, managing director of Mortgage Centre IFA, which has now sold its 50% stake to property firm CPC Group making them sole owners.
Munford will remain as a consultant to the business.
The lender is now able to lend in the unregulated residential market and is offering 80% LTV on first charge loans and 75% LTV on second charge.
Sanders has also been CEO of igroup, where he grew the monthly new business levels from £35m to £120m in three years and led the eventual sale of the company to General Electric capital for £210m.
He was then appointed CEO of General Electric Money Home Lending, responsible for GE’s whole UK mortgage and secured lending P&L in the UK.
Most recently Colin founded Money Partners Ltd – a start-up company and joint venture with Kensington Mortgages.
Omni Capital was formed last year offering short-term loans to individuals and residential investors, predominantly within the prime postcodes of London, the Home Counties, and the South East of England.
Sanders says: “The opportunity to join an entrepreneurial new business which has already established itself as one of the key players in the sector is very appealing.
“The investors have a strong vision to build a significant business in a short space of time which I will be instrumental in executing, and will implement the necessary infrastructure and distribution network to achieve the business goals. This is a very exciting time for Omni Capital.”
Earlier this year former Apprentice candidate Liz Locke was appointed business development director and short-term funding expert John Wheeler as sales director.
Chris Candy, CEO of CPC Group, says: “Omni Capital has an unrivalled team of professionals in place and we look forward to growing the business further with Colin onboard.
“CPC Group has committed a substantial amount of funding for Omni Capital to date and the company is now in final stage talks for additional facilities to help grow the company further and making even more funding available to the market.
“We expect to be able to announce more details soon.”