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Omni Capital lending breaks £100m barrier in Q1 2012

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  • 07/08/2012
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Omni Capital lending breaks £100m barrier in Q1 2012
Short-term lending firm Omni Capital completed £100m of lending during the first six months of 2012.

The bridging lender completed deals ranging from £30,000 to £8m during the first half of the year, the latter deal on two prime west London properties.

The firm posted lending figures of £35m for the first quarter of the year and £65m for Q2, with the rise coming as Omni increased the amount of broker firms using its services to 16, up from its previous level of nine.

The firm told Mortgage Solutions that its average loan had remained steady at the £1m mark during the first six months of the year, adding that it hoped to continue the incremental increase in the number of brokers on its books over the coming months.

The firm said its customers in Q1 included private individuals, small and medium enterprises and professionals looking to complete or expand property developments.

Colin Sanders, Omni Capital’s chief executive officer, said: “We made a strong start to the year lending £35m in the first quarter.

“The momentum has continued, and the second quarter has been even better pushing our half-year numbers to £100m in total loans granted by value.

“These are hard lending statistics – not PR chaff about numbers of applications received or decisions to lend ‘in principle’ – and confirm that the demand for competitively-priced and flexible bridging products remains high.

“It will have escaped no-one’s notice that individuals and businesses alike are struggling to get access to credit. Working closely with specialist brokers, we’re particularly aware of high demand for liquidity-injecting, short-term products from frustrated property developers.

“Too many of these highly-experienced professionals now find themselves caught in limbo as banks withdraw or refuse to extend their funding. With this situation set to continue, Omni Capital is perfectly positioned to fill the gap by lending where the banks will not.”

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