UK SME challenger bank Allica has acquired bridge lender Tuscan Capital from Quilam Capital for an undisclosed fee.
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Allica – which has continued to expand its commercial finance offering to its established business customers – will integrate the Tuscan team, drawing on its bridging expertise and broker network.
Allica has hired Justin Trowse, previously head of structured real estate finance at LendInvest, to lead the bridging transition.
The lender plans to further expand its commercial finance product offering to include bridging and refurbishment finance, with a focus on semi-commercial and fully commercial bridging, alongside Tuscan’s residential bridging offering.
Nick Baker, Chief Commercial Officer at Allica, said: “Commercial bridging is an important but underserved part of the credit market. Therefore, we believe that combining Tuscan’s expertise and existing relationships with Allica’s resources and network is a winning combination for the market.”