Global specialist financier, Falcon Group, has become the first publicly-rated bridging finance lender in the UK, launching Falcon Bridging Finance.
The lender is offering bridging loans of up to £10m with tenors of up to 24 months and a LTV of up to 75%.
It will offer a range of non-regulated products for both the residential and commercial property sectors via financial intermediaries in England and Wales. It has over 24 years’ experience in the alternative lending sector and a turnover in excess of £6bn in the past three years alone.
Payam Azadi, director of Niche Advice, said: “It’s good, positive news. The more lenders, the better. It just shows the market is still evolving; going in the right direction and that there’s still room for more lenders.
“Newer lenders like Octane Capital have come in and done really well. But it all comes down to how flexible they can be.
“It’s not just about pricing, it’s down to the criteria and the process. It’ll be interesting to see what Falcon’s actual products are.”
Will Nagle, chief executive at Falcon Group, said: “This new venture demonstrates our commitment to the UK market and is reflective of business diversification and expansion strategy.
“Non-bank bridging finance is a fast-growing sector in the UK and – as the first publicly rated bridging lender – our ambition is to become one of the leading players in the market over the next three to five years.”
Heading up the bridging finance team is Paul Brooks, Falcon Group’s head of asset backed lending. Brooks will also be joined by newly appointed Donna-Louise House –previously of LendInvest and Shawbrook bank – who brings 18 years’ experience to the post.
House, head of underwriting at Falcon Bridging Finance, said: “I’m thrilled to be part of this exciting venture for Falcon Group, and very much look forward to welcoming some key hires to the team over the coming months.
“Falcon Group has an unprecedented track record as a non-bank lender in the trade finance world, and I’m confident that we will replicate that success in the bridging finance market.
“Indeed, as a market that – over recent months – has experienced some negative attention, I’m certain that Falcon Bridging Finance will be the game changer that the industry needs.”