The project, located in a prime Surrey location, stalled following failed drawn-out re-financing negotiations with its original funding partners, two unnamed banks.
Funded entirely in-house, Omni’s bridge paid down both banks, the site sub-contractors, specialists and allowed a new developer to assume control.
Colin Sanders, chief executive officer of Omni Capital, said: “Very few bridging lenders have the funds, appetite and resources to contemplate, let alone complete, a deal of this size and complexity. We have and we’re in the market for more.”
He added: “It required considerable internal effort on the part of our risk team, solicitors and valuers and we place great value on the role of the intermediary.”
The deal was introduced to Omni by by Alburys Property Finance, the Weybridge-based specialist high-net worth broker.
Andy Stanbury, director of Alburys, said: “From a broker perspective, belief in the funder’s willingness and ability to deliver is key. From my first conversation with Martin Gilsenan, Omni Capital’s sales director, the lender showed a clear intent to do this deal, despite its size and complexity.
“The consistency of their position throughout the process gave me confidence, and the result shows what a broker-lender relationship can achieve.”
