"At Tuscan Capital we’re not looking to radically re-shape bridging or claim a market leading position overnight. We will not be driven to write volume as our main priority. "
Colin Sanders, the former CEO of bridging and development lender Omni Capital/Fortwell Capital, has announced the launch of new intermediary-focused bridging lender Tuscan Capital.
Tuscan Capital will provide additional new funding to the non-regulated real estate bridging sector and promises to offer “outside the box” short-term funding solutions.
Joining Sanders in the senior team for the lender’s initial launch phase are Matthew Rogers and Bob Sturges, who will serve in the capacity of head of sales and head of PR & marketing respectively.
Tuscan will offer funding from £250,000 to £3 million and above, with monthly rates from 0.75% and terms from 3-18 months.
The lender is supported by both private and institutional investment from Quilam Capital.
Sanders said: “The first question I’m asked by industry insiders is can the market take another lender? I believe it can so long as that lender addresses a need and provides a solution not necessarily available elsewhere.
“At Tuscan Capital we’re not looking to radically re-shape bridging or claim a market leading position overnight. We will not be driven to write volume as our main priority. Instead, we’ll focus resolutely on our key principle of combining traditional values with new, innovative thinking. In particular, we will bring back speed and decisiveness to the decision-making process.
“Critical to our success will be our highly-experienced team. Having Matt and Bob on board is just the beginning with more familiar names to follow. Together with the faith shown in Tuscan by Quilam Capital, a high-quality investor with a seriously impressive track record, I’m entirely confident we will carve out a niche in the market that benefits borrowers and brokers alike.”
Kieran McSweeney, partner at Quilam Capital, added: “We are delighted to be supporting Colin and his talented team once again. The bridging sector is one where we have a lot of experience and despite being competitive, Colin has the relationships and track record to make Tuscan Capital a very exciting investment for us.”