Tuscan Capital reports strong half-year results
Tuscan Capital has reported strong half-year results after securing additional funding and launching an extended product offering.
Earlier this year the bridging lender’s maximum loan size was increased to £7.5m and its product range was widened to include bridging, mixed-use/semi-commercial, heavy refurbishment and auction funding.
Completions by value saw a 37% year-on-year increase, whilst the live loan book by value was up 96% from the same period in 2018.
Funding capacity was doubled to £100m through increased equity investment and the additional funding line.
Colin Sanders, chief executive of Tuscan Capital, said: “Having established ourselves as a credible alternative for a number of brokers and intermediaries in our first 12 months in business, the introduction of our broader product range has helped build further momentum.
“As a result, we have enjoyed an excellent flow of qualifying new business from a number of high-profile intermediaries since our product range was enhanced earlier this year.
“Our performance in the first six months of our second year has been particularly pleasing given the challenging market conditions and fierce competition.
“With a strong pipeline heading into the second half of the year, and with great feedback from a number of our broker partners, we are optimistic for continued growth which will see us deliver results well ahead of our expectations for 2019.”