Colin Sanders, the former chief executive of the Christian Candy-backed Fortwell Capital, has set up a new alternative lender, Tuscan Capital.
Tuscan will provide short-term funding to the real estate sector, and will be funded by Quilam Capital, which provides equity solutions to entrepreneurial businesses operating in the financial services sector.
Matthew Rogers and Bob Sturges have also joined Tuscan as head of sales and head of PR & marketing respectively.
Tuscan will provide loans from £250,000 to £3m and more by negotiation. Monthly rates will be from 0.75% and terms from three to 18 months.
Sanders said: “The first question I’m asked by industry insiders is, can the market take another lender? I believe it can so long as that lender addresses a need and provides a solution not necessarily available elsewhere.
“At Tuscan Capital we’re not looking to radically re-shape bridging or claim a market leading position overnight. We will not be driven to write volume as our main priority. Instead, we’ll focus on our key principle of combining traditional values with new, innovative thinking. In particular, we will bring back speed and decisiveness to the decision-making process.”
Kieran McSweeney, partner at Quilam Capital, said: “The bridging sector is one where we have a lot of experience and despite being competitive, Colin has the relationships and track record to make Tuscan Capital a very exciting investment for us.”
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