Christian Candy’s Omni Capital has received a “multi-million-pound” boost after agreeing a new funding arrangement with Cheyne Capital Management.
The short-term residential bridging and finance company, wholly owned by Christian Candy’s CPC Group, has received a “significant amount” from the investment manager, which will contribute to Omni Capital’s £200m credit line facility.
A statement from CPC Group said the co-investment by CPC and Cheyne Capital “will support Omni’s current product suite and future real estate backed product lines”.
The company offers finance for between three and 12 months to individuals and small-scale developers. Loans are predominantly within prime central London postcodes, typically ranging from £50,000 to £5m.
The group said that Omni Capital “will continue to focus on expanding its lending programme through a growing network of professional intermediaries” and added that it is in discussions with a number of other third-party debt providers to secure an on-going warehouse facility in the near future.
Omni Capital chief executive Colin Sanders said: “With new funding arrangements in place, and enjoying the full support of our parent CPC Group, we will benefit immediately from a robust funding framework and a business model with substantial shareholder investment.”
He added: “Funding, and the liquidity it provides, remains a challenge for businesses and consumers. By developing a sustainable lending strategy based on fair and competitive products, intermediaries and their clients can be confident that in choosing Omni Capital they are working with a partner with both the intent and means to satisfy their short-term borrowing needs.”
bridget.o’connell@estatesgazette.com
