Christian Candy-backed Fortwell Capital is cutting staff from its traditional bridging loans business.
Fortwell, formerly Omni Capital, has made four of its bridging loans team positions redundant as margins are being squeezed in the £4bn sub-market.
The four departures will come from the underwriting and credit risk functions.
Two will move onto other roles within Candy’s CPC Group and two will take voluntary redundancy and move to competitors, according to the company.
Fortwell will now focus on strengthening its development finance business with three new senior hires, including a director of development who will help build on the origination and underwriting capability of the residential focused team.
The company will announce the new appointments shortly.
The development finance team looks to lend on projects valued at more than £5m in the high-end residential market, with a particular focus on London and the South East. Despite falling values in the London market, Fortwell believes there is still a financing gap.
Fortwell started business in 2010 as a bridging lender on luxury residential property before moving into structured finance, buy-to-let mortgages for high net worth individuals and development finance.
The rest of Fortwell’s business lines are unaffected by the restructuring.
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