Omni and MCIFA secure £11m bridge in 72 hours
Omni Capital and MCIFA Property Finance have revealed the successful completion of an £11 million bridging loan in under 72 hours
Omni Capital and MCIFA Property Finance have revealed the successful completion of an £11 million bridging loan in under 72 hours.
A client of MCIFA Property Finance, London’s prime property financier for the past 25 years, required urgent funds and it was facilitated for a complex and substantial short term funding deal.
Funded exclusively through lender Omni Capital, the £11 million facility is secured over a 12-month period at a loan-to-value of 50 per cent on a residential property in a much sought-after part of southern England.
MCIFA’s clients are highly experienced professional property developers with a proven global track record. They were presented with a compelling opportunity to acquire from receivership an attractive development site in Europe, but were held to a very tight deadline in order to secure the deal.
MCIFA was approached to establish if multi-million pound funding could be arranged in fewer than five days. Paul Munford, CEO of MCIFA, responded immediately by organising an urgent meeting with the clients and their legal representatives.
Having established the complexities of the case – a multiple-unit property with multiple leases, and a development site held through a corporate structure with numerous directors and levels – Munford presented the case to Omni Capital for review and issuance of terms.
With the lender onside, a conference call was arranged with all relevant parties, including lawyers from both sides and the client’s tax advisers, to agree a critical path and timeline to meet the receiver’s deadline.
After numerous emails, many telephone calls and several rush courier jobs, full funds were disbursed to complete the transaction just 72 hours after the initial meeting between MCIFA and its clients.
Paul Munford said: “This was an incredible deal. The clients were first-class and had an excellent management team. Omni Capital, the lender, put full and committed resource behind the deal and expressed a determination to meet deadlines. And also I have to thank the team at MCIFA, specifically Paul Agnew, for their round-the-clock assistance - we handled more than a thousand documents in such a short period. This was a deal that was the result of super-fast decision making, the input of excellent professionals and a common-sense approach to lending.”
For Omni Capital, CEO Colin Sanders observed: “To complete a deal of this type and structure demands the full resources, co-operation and focus of the parties involved. While highly attractive from a lender’s risk-reward perspective, its many layers and nuances made the case one most lenders would find daunting, including the banks. The fact we overcame such challenges with relative ease is testament to MCIFA’s superb professionalism and expertise, and Paul Munford’s personal determination to secure a positive outcome for his client.”
Keywords: Omni Capital, MCIFA, £11m, bridging loan, bridging finance, 72 hours