The product is aimed at experienced professionals active in high-end residential property projects in London and south-east England and provides flexible funding options for a range of development scenarios.
It has a minimum loan size of £5m, a maximum term of 48 months and offers funding up to 100% of costs or 70% of GDV.
Colin Sanders, CEO of Omni Capital, said: “Throughout 2013 we gauged from our contacts in the residential property sector a significant and growing interest in alternative sources of development funding.
“In response we made good use of the final quarter to pilot with a small team of brokers adept at handling development funding proposals a soft-launch version of the new product. The results were highly encouraging, and taught us – and our partners – some valuable lessons in this area of highly-nuanced lending.”
“This product is unlikely to be suitable for the majority of finance brokers or smaller-scale developers. It is designed with a specific community in mind, and will be used accordingly.
“However, it has already stimulated much interest and serves to underpin our continuing belief in the strength, and inherent value, of the London and the south-east residential property market.”
Omni Capital’s announcement follows news of its recent completion of a record-breaking £127m bridging facility for the purchase and development of an iconic central London property close to Buckingham Palace.
In the past week, the lender has completed a £25m development loan for a prime property in Knightsbridge, London; and in late 2013 provided a £15m development and restoration funding package for an historic property in Surrey.
