Chief executive of the Dubai-based firm, Christopher Dailly, said they had experienced a significant growth in demand in the non-status asset-only lending side of the bridging sector in the past 18 months. This market only considers the importance of the asset and not the borrower.
“This allows people who wouldn’t easily be able to access the bridging loan market to get the funding for their project and this in turn allows us to obtain a better return for our ultra high net worth investors,” said Dailly.
He said the funding can be used for residential portfolios, residential development and HMOs as well as for assets such as quarries, marinas and offices.
“Virtually every deal is possible and this is totally irrespective of the borrower’s credit profile,” said Dailly. “And in each of these deals we can do 70% loan-to-value on the open market value having no regard to the purchase price. On top of that we operate over the whole of the UK.”
He said the £30m funding line will be a “game changer” and that a further arrangement of £100m is ready to go should funds be used up quickly.
“Our move to the Middle East has allowed the company to tap into the vast sums of investment capital located out here and this access will continue to keep Jumbo Bridging and London Bridging Finance at the leading edge of the high value non-status bridging loan market place,” said Dailly.