Allica Bank has acquired bridging lender Tuscan Capital from Quilam Capital for an undisclosed sum, making its first steps into the bridging finance market.

UK-based Tuscan, which was founded in 2018, will fully integrate its team into Allica’s and utilise the bank’s funding base and distribution network.

Allica said it will be able to leverage Tuscan’s existing bridging expertise and broker network.

The acquisition will widen Allica’s range of commercial finance products to include bridging and refurbishment finance.

Allica said it is looking to become a leading player in the bridging finance market and replicate its success in both commercial mortgages and asset finance.

Allica added that it has hired Justin Trowse as Head of Bridging to lead its bridging distribution strategy. Trowse previously held the role of director of structured property finance at lendInvest, where he was responsible for origination of high value, complex property transactions across bridging and development finance.

“Tuscan’s commitment to service, and in particular their focus on speed and transparency for their broker partners and customers, meant the synergies with Allica’s values were clear,” said Nick Baker, chief commercial officer at Allica.

“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.”

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