Allica Bank grows bridging finance offering with Tuscan Capital acquisition

Acquisition Announcement: Allica Bank has acquired bridging lender Tuscan Capital from Quilam Capital for an undisclosed sum.
Expansion into Bridging Finance: The acquisition expands Allica Bank’s commercial finance offerings to include bridging and refurbishment finance, with a focus on semi-commercial and full commercial bridging.
Tuscan Capital Overview: Founded in 2018 and based in London, Tuscan Capital provides short-term property finance for real estate investors, developers, and businesses, supporting loans up to £10 million.
Product Offerings: Tuscan Capital offers premium bridging finance, along with refurbishment, auction, HMO financing, and development exit bridge services.
Leadership: Justin Trowse, former LendInvest structured property finance director, has been appointed head of bridging to lead the new offering.
Future Plans: Allica Bank’s chief commercial officer, Nick Baker, mentioned that more details on the bank’s bridging proposition will be revealed soon.
Recent Performance: Allica Bank reported its first full year of profitability in 2020, with a 141% increase in revenues, attributed to significant growth in lending, deposits, and overall business with SMEs.