£15.8m Birmingham deal boosts property lender
A £15.8m property deal in central Birmingham has contributed to a record month of lending for specialist funder Amicus Property Finance.
The property lender said it had loaned out £72m in July and it cited a confident and buoyant short-term property lending market as the main reason for its success.
An expansion of its UK footprint with the opening of a new office in Manchester last year also contributed to the performance, it said.
July’s record figure covers a regional spread of loans. Aside from the unnamed deal in Birmingham, the lending also included the refinancing of a commercial property building to enable the borrowers to obtain planning permission for a 240-flat scheme in Surrey and the acquisition of a large commercial site with outline planning in Suffolk.
The firm, which provided more than £500m of short term property loans last year, so the trend continue with a strong first half to its current trading year.
It has also expanded its customer base among brokers, professional landlords and developers seeking short term finance for residential and commercial real estate assets.
Keith Aldridge, managing director at Amicus Property Finance, said: “We are delighted to have achieved a record month of lending. We’ve seen tremendous growth over the last few years as our localised relationship-based approach resonates well with property professionals looking for specialist lending solutions in a buoyant short-term property market.”
Amicus has seen consistent funding from the Omni Secured Lending (OSL) Funds. Vintages I, II and III have provided more than £500m of institutional third-party funding to the business. During January and February 2017 alone Vintage III raised more than £200m of new institutional capital, which is being actively deployed to fund new lending activity.
Subject to authorisation, Amicus anticipates receiving its banking licence this year which will enable it to fulfil its long-term growth objectives by accessing an alternative source of funding.