The new fully-funded facility is linked to Bank of England Base Rate (currently 0.50%) and suitable for a wide range of residential investment property-backed borrowing scenarios where conventional bridging periods are not long enough.
Omni Capital confirmed that demand from intermediaries was the main driver behind the new product's design, which promises to fill an important gap in the market not currently catered for by other providers.
Steve Olejnik, head of sales at Mortgages for Business, said: "Innovation and progressive thinking set apart the UK's dynamic short-term lending sector.
“As characterised by Omni's new term facility, we are finding better and more complete ways to help the rising number of clients struggling to source funding.
“A particular feature of this product we like is its inherent suitability as a solution-provider for scenarios involving complex ownership structures."
Omni Capital said the 3-year term facility is tailored to high net-worth clients alert to irresistible property investment opportunities in the still-booming London and south-east England regions.
To qualify, borrowers will need to prove personal assets of at least £1m.
Providing attractive income-earning opportunities – and a complementary liquidity solution that does not compete directly with their own offerings – Omni Capital said it believes the new product will appeal directly to wealth managers and advisers servicing an up-scale clientele with considerable assets under management.
Key features of the 3-year term facility include interest-only repayments, loan to values of up to 75% and prime and non-prime postcode options.
The minimum loan size is £500,000 and the minimum property value £750,000. Rental income from investment property is assessed at 120% of debt serviceability and supplementary income allowed.
Colin Sanders, chief executive officer of Omni Capital, said: "We spent several months conducting fact-finding research with our partners regarding the new products they want from lenders.
“A flexible, well-priced, 3-year term product was the answer that emerged. Linking it to high-end clients - from whom sustained demand is assured - provides the element that makes Omni Capital the obvious provider.
"Listening to our brokers we have designed the ideal premium solution for residential property investment opportunities where a traditional bridge just isn't enough.
“By providing a longer-term facility, we give the client additional time at a highly competitive price to realise the full potential of their investment before exiting via sale or refinance."
He concluded: "Backed by the full resources, expertise and substantial funding that have become hallmarks of the Omni Capital offering, I'm confident our new term facility will find a receptive audience among wealth managers and advisers servicing a sophisticated clientele alive to the compelling opportunities offered by canny property investment."
