Candy brothers launch bridging lender

CPC has reportedly raised £50 million to back the venture, with Mortgage Centre IFA and an unnamed private equity firm stumping up the rest of the funding.

The new bridging lender will offer loans between £50,000 and £5 million with loan periods of three to 12 months. Omni says it will underwrite on a case by case basis rather than relying on credit scoring.

The short-term loans will be on offer to private individuals and small-scale developers, predominately within the prime postcodes of central London, and will be available via mortgage intermediaries.

Omni says it will offer immediate decisions with ‘same day’ loan offers.

Founder of CPC Group, Christian Candy, said: “There is a huge gap in the market for quality funding, so it made sense for CPC Group, with its property expertise, to join forces with financial specialist, Mortgage Centre IFA to satisfy the demand. Omni Capital prides itself on providing clients with a reliable and speedy funding solution service.

“CPC Group has maintained a strong financial position which has enabled us to make a number of strategic investments both inside and outside of the property industry, of which Omni Capital is a prime example.”

Managing director of Mortgage Centre IFA, Paul Munford, added: “The property finance market remains limited in supply with very few new entrants. We are seeing clients with substantial property equity and excellent funding propositions who are unable to access funding through their traditional lenders. Omni Capital bridges that gap by offering quick and flexible finance, with clear and fair terms and conditions.

“Mortgage Centre IFA is experienced in lending and broking and feels the time is right to launch a new lender. We have substantial resources behind this new operation, both in terms of funding and also the resources of our sales and administration teams and the full resource of CPC Group. In the long term it is our intention is to develop Omni Capital into a wide ranging property finance business with considerable potential for growth into new markets.”

Omni Capital has established a dedicated team of highly trained professionals to meet the needs of clients who require a short-term financing solution. The company is based in Mayfair and is run separately to CPC Group and Mortgage Centre IFA. It is currently planning to recruit.