Walker Crips launches UK’s first regulated bridging finance fund
Walker Crips, the wealth and investment manager, has set the launch date of 1 August for the TB Walker Crips Income from Short Term Lending Fund for its newly created alternative investments division.
This is the first regulated bridging finance investment fund to be launched in the UK.
The fund is designed to create a target annual income of 8.4 per cent by providing credit to short term lending companies that offer residential property bridging finance loans. It will be managed by James Allen (pictured), who joined Walker Crips specifically to establish and manage this fund.
The lending companies source borrowers who are seeking short term funding on UK residential property acquisitions or conversions, generally via the auction market. Income is generated through interest on capital charged on the loans. Uniquely, the fund uses three bridging finance companies providing a prudent spread of risk.
Walker Crips will absorb all operating costs associated with running the fund. Costs on the fund will not exceed two per cent and will be charged from earned income.
Allen says: “In today’s low interest and growth environment an income of 8.4 per cent is an attractive proposition for investors who continue in their hunt for yield. This fund aims to provide a predictable and sustainable level of income for investors and some much needed capital to property developers. By providing the first ever authorised bridging finance investment fund, we are giving potential investors the product they want with additional safeguards. Sophisticated investors and their advisers should view this valuable diversifier as part of their tactical allocation.”
Sean Lam, group managing director, Walker Crips, says: “At Walker Crips we are continually developing our product range to ensure we offer innovative investment solutions which meet the evolving needs of our client base. This new product is very in-keeping with the bespoke culture of Walker Crips. We believe that in today’s volatile market environment the need to provide returns whilst minimising risk is more important than ever.”
T Bailey Fund Managers will act as the authorised corporate director and administrator and National Westminster Bank will be the depository.
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