Short term lender Fiduciam launches in Scotland
An institutionally funded short-term lender to house builders and entrepreneurs is targeting expansion in Scotland after hiring a team north of the border.
Fiduciam is promising low interest rates on typical loans of between £250,000 and £25 million. The maximum LTV is 70% for residential cases and 65% for commercial cases. The company is targeting £55 million of lending in Scotland this year.
Louisa Willoughby, case manager, said: “Scotland is a growing market for specialist finance and a particular focus for Fiduciam for 2022.
“Historically, Scottish businesses have been underserved, with limited options for more complex property finance – from time sensitive bridge loans to development finance for family house builders.
“CBILS [the government’s Covid recovery loans] provided us with a great opportunity to work with, and eventually meet in person, many brokers throughout Scotland and we look forward to working with them more closely over the coming year.
“The quality of the enquiries we received at the close of 2021 is extremely encouraging for 2022.”
Fiduciam works in number of European jurisdictions, including Spain, France, Germany and the Netherlands.
CEO Johan Groothaert said: “We have a broad risk appetite and are supporting a range of Scottish firms from housebuilders to trading businesses.
“Local knowledge is at the centre of good lending, so setting up a specialist team for Fiduciam’s Scottish business was a natural next step.