Exclusive: Cheyne Capital Revealed As Omni Backer
The confirmation comes after Omnis owner, property entrepreneur Christian Candy
, revealed the lender has plans to become a bank in the regulated mortgage market as well as the bridging sector.
The additional funding means Omni now has 200m available for short-term finance as well as "future real estate backed product lines after CPC Group, Christian Candys Guernsey-based property finance fund, raised the amount it will lend Omni to 180m from 50m.
Omni has also confirmed today that it is in "active discussions with further third-party debt providers to secure an on-going warehouse facility in the "near future.
Colin Sanders, chief executive of Omni, said: "Funding, and the liquidity it provides, remains a challenge for businesses and consumers alike.
"By developing a sustainable lending strategy based on fair and competitive products, intermediaries and their clients can be confident that in choosing Omni Capital they are working with a partner with both the intent and means to satisfy their short-term borrowing needs.
Cheyne Capital, a European alternative investment manager, has net assets of approximately $7bn of which $4.4bn are in hedge funds.
It was founded in 2000 by chief executive Jonathan Lourie and president Stuart Fiertz, both formerly of Morgan Stanley.
Omni Capital has secured additional funding in a multi-million pound deal that will enhance its lending capabilities.
The bridging lender will secure the funding through an arrangement with its parent company CPC Group and hedge fund Cheyne Capital.
It says the deal will contribute to a 200m credit line facility that CPC Group is making available to the market through Omni Capital.
Omni Capital adds that it has entered into discussions with a number of third-party debt providers to secure an ongoing warehouse facility in the near future.
Colin Sanders, chief executive officer of Omni Capital, says: By entering into this significant agreement, Omni Capital has further strengthened its funding position.
With new funding arrangements in place, and enjoying the full support of our parent CPC Group, we will benefit immediately from a robust funding framework and a business model with substantial shareholder investment.
The bridging lender has secured the funding through an arrangement between its parent company CPC Group and alternative investment manager Cheyne Capital Management LLP.
It said the funding will contribute to a 200m credit line facility that CPC Group is making available through the Omni Capital.
Omni added that it has begun discussions with a number of other third-party debt providers to secure an on-going warehouse facility in the near future.
Colin Sanders, chief executive officer of Omni Capital, said: By entering into this significant and purposeful agreement, we have further strengthened our funding position.
"With new funding arrangements in place, and enjoying the full support of our parent CPC Group, we will benefit immediately from a robust funding framework and a business model with substantial shareholder investment."
by: Cheyne Capital
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