"Ultimately a short-term lender is only as good as the funding behind them so we are delighted to partner with the Richardson family."
The Richardson family have a variety of international business interests, predominantly in Real Estate and, more recently, in Private Equity, focusing on growth capital.
Magnet launched into the broker market last month, founded by former Regentsmead staff Ashley Ilsen and Sam Howard.
Ashley Ilsen, CEO, said: “Ultimately a short-term lender is only as good as the funding behind them so we are delighted to partner with the Richardson family.
"This puts us in a strong and highly-liquid balance sheet position, from which our developer clients will reap the benefits. Being a principal lender enables Magnet Capital to offer a five-star service to our borrowers and introducer partners and ensures that the projects we are funding move quickly and efficiently.
"The initial uptake of our development finance offering has exceeded all expectations and, despite some of the negativity in the current property market, we are all looking forward to a very successful future.”
Sam Howard, managing director, added: “It is a tremendous privilege to be partnering with the Richardson family and to harness their deep real estate and wider business expertise. Over the past two years we have built a strong relationship with the Richardson team so we are excited to partner with them to launch Magnet capital and provide SME builders and developers the finance they so desperately need.”
