Millions approved for newly-regulated lender

Millions approved for newly-regulated lender


Bridging & Commercial can exclusively reveal that Mayfair Bridging Limited, the North West based bridging lender, will officially be approved and act as a Specialist Partner to the Connaught Income Fund Series 2 as of tomorrow, Wednesday 29th February 2012.

B&C had reported

last month

that Mayfair had, two days previously, been approved as an additional Specialist Partner, subject to all the necessary legal agreements. The confirmation of the appointment now means that Mayfair will receive £1 million per month, subject to the maintenance of the required liquidity levels in the Income Fund Series 2.

Mayfair’s current maximum loan amount is £500,000 with a term of nine months, but the new funding secured is now set to see them extend this offering to £1 million.

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 per cent. The Fund also has the option of investing up to 10 per cent in commercial property.   



in December 2011 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 official appointment, Mike Davies Chairman of Connaught Asset Management Ltd, said: “Connaught, as one of the leading providers of funding for short-term lenders, is delighted to have Mayfair on board as an additional source of loan assets for our investors. Our Partnership relationships have proved profitable for our investors and we have been seeking to set up additional Partnerships with short-term lenders, where they will be complementary to our existing lender partners rather than in competition with them.  With our current Partners specialising in the South East or the agricultural sector, we are very pleased to continue to support our highly successful arrangements with Tiuta Plc and UK Acorn Farm Finance but see Mayfair, in the North of England, as an opportunity to build on our success and widen our geographical asset base through a new association with a highly respected short-term lender."

Yasin Patel, Director at Mayfair Bridging, stated:

Yasin Patel also told B&C that they will now be looking into adding medium-term loans of up to five years, not imminently but, in the near future and that they are currently on track to building their revolving loan book to £50 million and more.

He added, “We are also growing our team by appointing a new Head of Sales, who will be announced very shortly. 2012 is already set to be a great year for Mayfair Bridging - a new office, new funding, new staff, new packaging partner tie-ups and new products. Mayfair Bridging have been lending since February 2008 and now four years on are established as a highly respected FSA regulated lender by our introducer partners.”

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