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Amicus Property Finance hits out at ‘opportunistic’ rival after lending halt

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  • 10/12/2018
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Amicus Property Finance hits out at ‘opportunistic’ rival after lending halt
Amicus Property Finance has confirmed it is not conducting any further lending after its shareholders were unable to reach an agreement on an investment deal.

 

The short-term lender said it would continue to service all existing facilities and added that a statement by Mint Bridging offering to take over its loan book was “designed to sensationalise and capitalise on the unfortunate situation”.

Amicus group head of marketing and communications Andrew Bullock told Specialist Lending Solutions the lender was taking advice on its next steps but that nothing had been confirmed yet.

“This is not a failure of the business as it stands at all,” he said.

“It is unfortunate a deal was not reached with the shareholders but it does not reflect on the people, abilities or performance of the business in anyway.”

He added: “I can categorically state Mint Bridging have not approached any of the executive or senior leadership team at Amicus.

“It is designed to sensationalise and capitalise on the unfortunate situation for the people here at Amicus who have continued do a good job.”

The lender added that it was business as usual for the Commercial Mortgages and Asset Finance arms.

 

Actively pursing opportunities

On Sunday Mint Bridging issued a statement saying it was keen to make a strategic investment in the company or would consider the acquisition of its entire loan book.

The lender added it was “actively pursuing opportunities to increase its operation and market share” and said it believed the industry was due for consolidation.

Mint Bridging managing director Andrew Lazare told Specialist Lending Solutions that the firm’s lawyers were starting the process of making contact.

“We’ve had some contact with some of the people there but at the moment it’s just a watch and see brief,” he said.

“We’ve made our interest known and if they are interested in talking to us or working with us then we are interested in taking it forward.”

Lazare added that he did not feel the lender was using it as an opportunity to capitalise on the situation, suggesting it was one of lenders coming together to assist the industry.

He added that the lender had received many calls over the weekend from borrowers who had been progressing cases with Amicus but were now asking for help.

 

 

 

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