Allica Bank grows bridging finance offering with Tuscan Capital acquisition
Allica Bank has expanded its position in the bridging finance market by acquiring bridging lender Tuscan Capital from Quilam Capital for an undisclosed sum.
Allica Bank acquires Tuscan Capital
The acquisition has extended the UK business bank’s commercial finance product offering with bridging and refurbishment finance, with “a focus on semi-commercial and full commercial bridging”.
Founded in 2018 and based in London, Tuscan Capital provides short-term property finance to real estate investors, developers and businesses.
Backed by Quilam Capital since its inception, the lender supports loans of up to £10 million through its premium bridging finance offering, which is accompanied by refurbishment, auction and HMO financing, and development exit bridge services.
Former LendInvest structured property finance director Justin Trowse has been hired to lead the offering as head of bridging.
Allica’s chief commercial officer, Nick Baker, confirms that further details regarding the development of the bank’s bridging proposition will be released “in the coming weeks”.
The purchase comes less than six months after Allica, which launched in 2020, reported its first full year of profitability, with revenues increasing 141% in the 12 months up to 31 December last year.
CEO Richard Davies attributed the results to “significant growth in revenue, lending and deposits”, a growth he says shows that “our proposition for SMEs is starting to really cut through”.
