British SME challenger bank Allica has acquired bridging lender Tuscan Capital from Quilam Capital for an undisclosed fee.
Allica - which has been steadily expanding its commercial finance offering for its established business customers - will integrate Tuscan's team, tapping into its bridging expertise and broker network.
Allica has hired Justin Trowse, previously director of structured property finance at LendInvest, to spearhead its move into bridging.
The lender plans to further extend its commercial finance product offering to include bridging and refurbishment finance, with a focus on semi-commercial and full commercial bridging, alongside Tuscan’s offering in residential bridging.
Nick Baker, chief commercial officer, Allica, says: "Commercial bridging is an important but underserved part of the lending market. That’s why we believe bringing together Tuscan’s expertise and existing relationships with Allica’s resources and network is a winning combination for the market."