Mayfair Bridging has recruited a new business development manager who will be Head of Sales. The Preston based firm will make the appointment starting February.

Taken from bridgingandcommercial.co.uk:

Funding line boost sets bridging lender’s sights on £50m loan book
Thursday 12th January 2012

A leading North West based bridging lender looks set for success in the coming year with the announcement of new funding lines from boutique asset managers, Connaught Asset Management (Guernsey) Ltd.

Mayfair Bridging 2 Limited, pioneering quick and reliable bridging finance, was approved as an additional Specialist Partner to its Connaught Income Fund Series 2 by its directors on 10th January 2012.

Connaught Asset Management (Guernsey) Ltd, propose to make £1 million per month of funding available to Mayfair Bridging, subject to the maintenance of the required liquidity levels in Income Fund Series 2. The additional appointment of Mayfair Bridging is targeted to go live on the 1st February 2012, subject to the completion of all necessary legal agreements.

Shoaib Bux, Director at Mayfair Bridging, believes the year ahead for Mayfair is looking exceptionally bright. He said: “We are extremely pleased at our appointment as an additional Specialist Partner to the Series 2 Fund. 2012 is set to be a big year for Mayfair as we aim to become a top tier bridging lender by offering larger loans that complement our existing portfolio of products. We have a strong appetite to lend and this will be the start of a strong and successful relationship with Connaught. ”

Yasin Patel, Director at Mayfair Bridging, also offered his speculations for Mayfair during for the year ahead: “With our new relationship with Connaught and the existing relationships with our private investors and banks, we hope to make a big impact in 2012. Connaught is a great addition to Mayfair Bridging’s funding and we hope it will help us compete for the larger loans and also looking to add medium term loans of up to five years.

At the moment, Mayfair has a maximum loan amount of £500,000 and a term of nine months, but this will increase with Connaught. Due to the new funding available and the vision we have at Mayfair Bridging we are looking to grow our team and add an experienced business development manager. We hope by the end of 2012 Mayfair Bridging to have a revolving loan book of £50m.”

Connaught Income Fund Series 2 is an authorised Class B unit trust domiciled in Guernsey. The Series 2 fund complements Connaught’s existing Series 1 and 3 Funds, and lends in the residential housing market for the short to medium-term with a target LTV of 65%. The Fund also has the option of investing up to 10% in commercial property.

The news follows Connaught’s announcement last month that its’ Income Funds Series 1 and 2 are currently responsible for £130 million of funding into the short-term lending market.

Commenting on the new approval of Mayfair Bridging, Mike Davies Chairman of Connaught Asset Management Ltd, said: “We are pleased to make this announcement of our intention to appoint Mayfair Bridging 2 Limited as our additional Specialist Partner for the Income Fund Series 2. The appointment is intended to be completely complementary to the Funds’ existing and highly successful relationship with Tiuta plc.”

However, he added: “Tiuta principally lends in the South East and London and, as a prudent asset manager, we see the link with Mayfair Bridging, who are based in the North West, as an opportunity to diversify the assets funded by our investors, particularly geographically. Mayfair is very much a complementary partner to our current arrangement with Tiuta and this new relationship further demonstrates the significant role Connaught and its investors now play in funding residential property on a nationwide scale.”

Connaught Asset Management, the boutique asset manager, has today (10th January 2012) announced that the directors of its regulated subsidiary, Connaught Asset Management (Guernsey) Ltd, have approved the appointment of bridging finance lender, Mayfair Bridging 2 Limited, as an additional Specialist Partner to its Connaught Income Fund Series 2.

The appointment of Mayfair Bridging is subject to completion of the necessary legal agreements and is targeted to go live on the 1st February 2012. Connaught Asset Management (Guernsey) Ltd propose to make £1 million per month of funding available to Mayfair Bridging, subject to the maintenance of the required liquidity levels in Income Fund Series 2.

Connaught Income Fund Series 2 is an authorised Class B unit trust domiciled in Guernsey; it complements Connaught’s existing Series 1 and 3 Funds, and lends in the residential housing market for the short to medium-term with a target LTV of 65%. The Fund also has the option of investing up to 10% in commercial property.

The news follows Connaught’s announcement last month that its Income Funds Series 1 and 2 are currently responsible for £130 million of funding into the short-term lending market.

Mike Davies, Chairman of Connaught Asset Management Ltd, commented:

“We are pleased to make this announcement of our intention to appoint Mayfair Bridging 2 Limited as our additional Specialist Partner for the Income Fund Series 2. The appointment is intended to be completely complementary to the Funds’ existing and highly successful relationship with Tiuta plc. As part of our focus on how best to use the Fund’s assets it is important that we look at all potential opportunities and with Mayfair Bridging being based in the North of England, this new relationship will provide additional geographical diversification for us. We anticipate that the agreement will begin at the start of February, subject to the completion of all necessary legal agreements, and we are looking forward to working with the team at Mayfair Bridging following this process.”

Shoaib Bux, Director at Mayfair Bridging said:

“We are extremely pleased at our appointment as an additional Specialist Partner to the Series 2 Fund. 2012 is set to be a big year for Mayfair, as we aim to become a top tier bridging lender by offering larger loans that complement our existing portfolio of products. We have a strong appetite to lend and this will be the start of a strong and successful relationship with Connaught. ”

For more information on Connaught Asset Management please visit: www.connaughtam.com, or contact Alistair Mawdsley on 020 8971 9727.

ENDS

For further information please contact:
Alistair Mawdsley, Director, Connaught Asset Management, Tel: 020 8971 9727; alistair.mawdsley@connaughtam.com
James Allen, New Funds Director, Connaught Asset Management, Tel: 020 8971 9725; james.allen@connaughtam.com
Rob Griffiths, Director, White Dragon Communications Ltd, Mobile: 07983 641566
Barney McCarthy, Account Manager, White Dragon Communications Ltd, Mobile: 07872 956711

Notes to editors:
About Connaught Asset Management
• Connaught Asset Management was formed in February 2007 to research and offer asset-backed lending and non-correlated investment opportunities into the investment market, based and secured against tangible assets to minimise investment risk and offer investors and institutions innovative ways to diversify their investments.
• Over the last three years Connaught has designed a series of income funds which have continued to perform despite the volatility in many markets world-wide and historically very low interest rates, offering investors a fixed annualised return of between 7.15% and 9%.
• The Connaught Income Fund, Series 2, is offered through Connaught’s regulated Guernsey-based subsidiary, Connaught Asset Management (Guernsey) Limited. Series 2 lends in to the residential housing market for the short to medium-term with a targeted overall Fund maturity of 18 months and has the option of investing up to 10% in commercial property. Connaught Income Fund, Series 3, moves away from the urban environment in to the agricultural lending sector acting as a portfolio diversifier for investors who already hold investments in Series 1. The average LTV is targeted at 65%.
• These funds epitomise the philosophy of Connaught and with no correlation to Bank of England base rates will continue to be attractive to investors wishing to find alternative income solutions.

Mayfair Bridging are aiming to secure the number one spot for bridging this year and wish to recruits BDMs. Director Shoaib Bux said, ‘’We have had a excellent 2011 and are looking to lend even more in 2012. To help us achieve our targets, we are looking to recruits BDMs to be part of the Mayfair team. This is going to be a big year for us as we have secured additional funding lines that complement our existing bank and private funding.‘’

Mayfair Bridging have moved into brand spanking new premises. Address change on website to follow.

Mayfair Bridging have one the most competitive proc fee for introducers. We have always offered 1% on completion to our introducers and even higher to our packaging partners.

Mayfair Bridging is continuing with their £100 per case contribution to The Mayfair Charity which aims to help orphans in Africa. Our introducers have welcomed this and many have also contributed themselves. This is an excellant cause and we urge everyone to help these people who are living in the most extreme part of the world where food & water is very hard to come by.

Mayfair Bridging have become regulated by FSA and are now be in a position to offer bridging loans on owner-occupied property. Director Shoaib Bux said,’’ This is a huge achievement and I am extremely pleased by the hard work put in by our staff to achieve regulation status. It has been a very long and difficult process but finally it has all paid off. We will be updating the website in the next few days with our regulated product and its lending criteria.’’

Director Yasin Patel said,’’ Introducers should engage in business with a regulated lender. There are many unregulated lenders out there with scrupulous business practices therefore brokers would be treating their customers fairly by advising on products from a regulated lender. We will still be offering unregulated deals but authorisation has increased our product portfolio as we can now help all types of borrowers.’’

The worst drought the Horn of Africa has seen in 60 years has parched the landscape. In southern Somalia the shallow water wells have dried up. Children curl up in thirst and hunger as their mothers helplessly watch on. The pastoral communities who rely on their livestock for their survival can only stand by and watch as their animals wither and die. Hundreds of thousands have become displaced as they travel hundreds of miles in search of water.

Earlier in the year, Mayfair Bridging made a pledge to help victims in Somalia by donating £100 for every case completed. Thank you to all our brokers and introducers for helping us make our donation to sponsor thirteen orphans in Somalia for a year. We will continue our pledge.