Development finance lender Magnet Capital has established a funding partner in the Richardson family, who will also take equity ownership in the business.
The Richardson family are developers and investors in the UK, Europe, North America and Australasia. Their focus has predominantly been on real estate and more recently private equity.
Ashley Ilsen (pictured), chief executive of Magnet Capital, said: “Ultimately a short-term lender is only as good as the funding behind them so we are delighted to partner with the Richardson clients family.
“This puts us in a strong and highly-liquid balance sheet position, from which our developer will reap the benefits.
“Being a principal lender enables Magnet Capital to offer a five-star service to our borrowers and introducer partners and ensures that the projects we are funding move quickly and efficiently.
“The initial uptake of our development finance offering has exceeded all expectations and, despite some of the negativity in the current property market, we are all looking forward to a very successful future.”
The Richardson family have diversified by focusing on small to medium enterprises (SMEs) across a range of sectors through a direct and co-investment programme.
Sam Howard, managing director of Magnet Capital, said: “It is a tremendous privilege to be partnering with the Richardson family and to harness their deep real estate and wider business expertise.
“Over the past two years we have built a strong relationship with the Richardson team so we are excited to partner with them to launch Magnet capital and provide SME builders and developers the finance they so desperately need.”
Magnet Capital has launched its development finance offering to the developer and broker markets.