Tenn Capital Limited, the short-term lender, has announced a funding facility and joint venture (JV) partnership with funds advised by Elliott Advisors (UK) Limited and its affiliates (together ‘Elliott’). Elliott will provide funding of up to £300m to build Tenn Capital’s proposition.
Tenn Capital offers short-term loans secured against UK, offshore and selected international residential real estate, allowing borrowers to access liquidity quickly. The firm focuses on high-value loans and complicated lending scenarios. The new facility provided by Elliott will allow Tenn Capital to deliver its lending mandate on a global scale.
Matt Watson (pictured), CEO of Tenn Capital, said: “We are delighted to announce this joint venture with one of the most formidable names in global finance. Working with Elliott, Tenn will bring fresh capital to the sector. 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. In Elliott, we have absolutely found that and we are delighted to be working with them to accelerate our lending proposition.
“I am proud of our team for building the infrastructure of Tenn Capital in such a short timeframe. 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 along and the hard work withof 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 the 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.”
