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Omni Capital launches long-term bridging product

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  • 18/06/2013
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Omni Capital launches long-term bridging product
Omni Capital has launched a new three-year product with the intention of bridging the gap between short-term and traditional lending.

The provider has targeted the product at High Net Worth clients both domestically and globally with rates starting from 6.45% plus Bank Base Rate.

The lender said the product would be used for residential investment borrowing scenarios where a typical bridging loan would not be long enough. Omni added that demand from brokers had prompted the creation of the product.

A small group of specialist distributors have been chosen to pilot the product and Steve Olejnik, head of sales at Mortgages for Business, said that more options would help develop the market.

“As characterised by Omni’s new term facility, we are finding better and more complete ways to help the rising number of clients struggling to source funding. A particular feature of this product we like is its inherent suitability as a solution-provider for scenarios involving complex ownership structures.”

Colin Sanders, chief executive officer of Omni Capital, said: “We spent several months conducting fact-finding research with our partners regarding the new products they want from lenders. A flexible, well-priced, three-year term product was the answer that emerged. Linking it to high-end clients – from whom sustained demand is assured – provides the element that makes Omni Capital the obvious provider.

“By providing a longer-term facility, we give the client additional time at a highly competitive price to realise the full potential of their investment before exiting via sale or refinance.”

Earlier in the month Omni Capital announced its plans to enter the retail finance sector following the acquisition of Logical Finance, which was subsequently rebranded as Omni Capital Retail Finance (OCRF).

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