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Omni Capital launches high-end development product

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  • 04/02/2014
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Omni Capital launches high-end development product
Omni Capital, providers of short and medium-term residential property finance, has a development funding product for loans of £5m and over

The product will fund up to 100% of the costs or 70% of gross development value and is available for up to 48 months.

Experienced professionals carrying out high-end residential property projects in London and South East England is the target audience for the product.

Colin Sanders, chief executive of Omni Capital, said: “Throughout 2013 we gauged from our contacts in the residential property sector a significant and growing interest in alternative sources of development funding.

“In response we made good use of the final quarter to pilot a soft-launch version with a small team of brokers adept at handling development funding proposals.”

The product provides equity to the developer on day one of the project to cover the deposit and fees.

The product requires personal guarantees and multiple-unit projects are preferred.

Pricing is offered on the basis of an assessment of the project, the area and number of residential units, the assumed exit value and cost of the project and the development and sale programme.

Sanders added: “This product is unlikely to be suitable for the majority of finance brokers or smaller-scale developers.

“It is designed with a specific community in mind and will be used accordingly.”

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