Loans were granted for a wide range of purposes from buyers looking to take advantage of one-off investment opportunities to large-scale property refurbishment and development programmes.
Loans varied in value from as little as £30,000 to over £8m. All loans were written in strict accordance with Omni Capital’s lending policy and median loan-to-value ratios are firmly in line with sector norms.
Colin Sanders, chief executive officer, said: “We made a strong start to the year lending £35m in the first quarter. The momentum has continued and the second quarter has been even better pushing our half-year numbers to £100m in total loans granted by value.
“These are hard lending statistics – not PR chaff about numbers of applications received or decisions to lend ‘in principle’ – and confirm that the demand for competitively-priced and flexible bridging products remains high.
“It will have escaped no-one’s notice that individuals and businesses alike are struggling to get access to credit. Working closely with specialist brokers we’re particularly aware of high demand for liquidity-injecting, short-term products from frustrated property developers.
“Too many of these highly-experienced professionals now find themselves caught in limbo as banks withdraw or refuse to extend their funding. With this situation set to continue, Omni Capital is perfectly positioned to fill the gap by lending where the banks will not.”
Omni has direct acccess to funds from its parent - the Candy Brothers' owned fund CPC Group. Average LTVs in the short-term sector are thought to be between 50% and 60%.
