Aimed at experienced professionals active in high-end residential property projects in London and south-east England, the lender’s latest offering provides flexible funding options for a range of development scenarios.
Omni Capital said it takes a bespoke approach to each funding proposal and has published the following outline lending criteria for guidance - the minimum loan is £5m, funding up to 100% of costs, with a maximum term of 48 months.
Omni Capital said it will provide a swift in-principle lending decision and indicative pricing on receipt of the case details.
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."
