A leading North West based bridging lender looks set for success in the coming year with the announcement of new funding lines from boutique asset managers, Connaught Asset Management (Guernsey) Ltd.

Mayfair Bridging Limited, pioneering quick and reliable bridging finance, was approved as an additional Specialist Partner to its Connaught Income Fund Series 2 by its directors on 10th January 2012. 

Connaught Asset Management (Guernsey) Ltd, propose to make £1 million per month of funding available to Mayfair Bridging, subject to the maintenance of the required liquidity levels in Income Fund Series 2. The additional appointment of Mayfair Bridging is targeted to go live on the 1st February 2012, subject to the completion of all necessary legal agreements. 

Shoaib Bux, Director at Mayfair Bridging, believes the year ahead for Mayfair is looking exceptionally bright. He said: “We are extremely pleased at our appointment as an additional Specialist Partner to the Series 2 Fund.  2012 is set to be a big year for Mayfair as we aim to become a top tier bridging lender by offering larger loans that complement our existing portfolio of products.  We have a strong appetite to lend and this will be the start of a strong and successful relationship with Connaught.” 

Yasin Patel, Director at Mayfair Bridging, also offered his speculations for Mayfair during for the year ahead: “With our new relationship with Connaught and the existing relationships with our private investors and banks, we hope to make a big impact in 2012. Connaught is a great addition to Mayfair Bridging’s funding and we hope it will help us compete for the larger loans and also looking to add medium term loans of up to five years.

At the moment, Mayfair has a maximum loan amount of £500,000 and a term of nine months, but this will increase with Connaught. Due to the new funding available and the vision we have at Mayfair Bridging we are looking to grow our team and add an experienced business development manager. We hope by the end of 2012 Mayfair Bridging to have a revolving loan book of £50m.”

Connaught Income Fund Series 2 is an authorised Class B unit trust domiciled in Guernsey. The Series 2 fund complements Connaught’s existing Series 1 and 3 Funds, and lends in the residential housing market for the short to medium-term with a target LTV of 65%.  The Fund also has the option of investing up to 10% in commercial property. 

The news follows Connaught’s announcement last month that its’ Income Funds Series 1 and 2 are currently responsible for £130 million of funding into the short-term lending market. 

Commenting on the new approval of Mayfair Bridging, Mike Davies Chairman of Connaught Asset Management Ltd, said: “We are pleased to make this announcement of our intention to appoint Mayfair Bridging 2 Limited as our additional Specialist Partner for the Income Fund Series 2.  The appointment is intended to be completely complementary to the Funds’ existing and highly successful relationship with Tiuta plc.”

However, he added: “Tiuta principally lends in the South East and London and, as a prudent asset manager, we see the link with Mayfair Bridging, who are based in the North West, as an opportunity to diversify the assets funded by our investors, particularly geographically. Mayfair is very much a complementary partner to our current arrangement with Tiuta and this new relationship further demonstrates the significant role Connaught and its investors now play in funding residential property on a nationwide scale."