Short-term lender Tenn Capital Limited has announced a funding facility and JV partnership with funds advised by Elliott Advisors (UK) Limited and its affiliates.
Elliott will provide funding of up to £300m to build Tenn Capital’s proposition.
Tenn Capital offers short-term loans secured against UK and selected international residential real estate, allowing borrowers to access liquidity quickly.
The company was founded in 2021 by Matt Watson, former Managing Director of Sancuc, Islay Robinson – CEO of Enness Global Mortgages, Hugh Wade-Jones – MD of Enness Global mortgages and Nigel Le Quesne – CEO of JTC PLC.
It focuses on high-value loans and complicated lending scenarios. Tenn Capital CEO Matt Watson said the new facility provided by Elliott will allow Tenn Capital to broaden its lending on a global scale.
"Working with Elliott, Tenn will bring fresh capital to the sector," he said. "We received funding offers from a range of potential partners but it was so important that we found a partner who understands our vision, lending appetite and attitude to risk.
"Signing this agreement is vindication of the robustness of our systems, processes and credit that will power the engine of Tenn Capital for years to come.”
Nigel Le Quesne, Chairman of Tenn Capital, said: “This is a significant moment in the development of the Tenn Capital offering and it is a testament to Matt’s stewardship and the hard work of the rest of the team that this opportunity has presented itself so early in the evolution of the business.
"We are now in a position to deploy capital in several scenarios where more traditional lenders do not have the appetite to service, providing a vital lifeline to legitimate clients who have been under served in the past by the established institutions.”
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