The funding is available on a first or second charge basis with interest rates from 1.5% per month. Projects must be 65% complete or “watertight”.
Loan to values are up to 70% of current value based on gross loan with interest retained. The minimum loan is £100,000 for periods from one month to 24 months. There is no formal maximum. Staged payments are available drawn-down to the maximum LTV.
Colin Sanders, chief executive officer of Omni Capital, said: “Since relaunching Omni Capital’s broker-facing proposition in September, we have become aware of high demand from frustrated developers for a liquidity-injecting product.
“Too many of these highly-experienced professionals find themselves caught in a stalemate position as banks and investors withdraw funding. Omni Capital’s Development Angel is designed to fill this gap by providing the cash necessary to finish the job.
“Our financing can be totally flexible in structure and could be used to fund completion of developments currently in receivership or where a rapid solution is needed to avoid senior debt expiry.
“Our message to brokers is clear: we want to be introduced to your clients who are experienced developers with proven track records and viable projects.
“Omni Capital is a real and competitive alternative to the traditional, but now unreliable, sources of finance. We have the expertise, the funding and the appetite to lend.”
