Allica Bank has acquired bridging business Tuscan Capital, giving the business lender a presence in the bridging market.
Allica says the purchase from UK investment house Quilam Capital, for an undisclosed sum, will extend its offering in this area.
It will focus on bridging and refurbishment finance, particularly on semi-commercial and full commercial short-term lending, alongside Tuscan’s residential bridging offering.
The business lender has hired Justin Trowse as head of bridging to lead its short-term lending distribution strategy.
Trowse was previously director of structured property finance at LendInvest, where he was responsible for the origination of high-value, complex property transactions across bridging and development finance. Prior to this, he headed up LendInvest’s bridging finance products.
The Tuscan team will eventually integrate fully into the Allica unit, where the business lender intends “to leverage Tuscan’s existing bridging expertise and broker network”.
Allica, founded in 2020 and led by chief executive Richard Davies (pictured), plans “to become a leading player in the bridging finance market”, following its initial commercial mortgage and asset finance lending.
Tuscan Capital was founded in 2018 by chief executive Colin Sanders and chief financial officer Ed Parsons, with backing from UK investment house Quilam Capital.
Allica Bank chief commercial officer Nick Baker says: “Commercial bridging is an important but underserved part of the lending market.
“That’s why we believe bringing together Tuscan’s expertise and existing relationships with Allica’s resources and network is a winning combination for the market.”
Tuscan’s Sanders adds: “This is a really positive development for the Tuscan team, our intermediary partners, and the wider SME community, and we look forward to the proposition enhancements that will undoubtedly follow today’s news.”
Quilam Capital partner Kieran McSweeney says: “The sale to Allica represents a significant milestone for the business, and based on the positive discussions we have had with Richard and the Allica team we know the guys have found a good home to take the business forward.”
