Allica aims to strengthen its commercial mortgages and asset finance. Credit: M Isolation photo / Shutterstock.

Allica Bank has marked its entry into the bridging finance market by acquiring UK-based bridging lender Tuscan Capital.

The acquisition represents a significant expansion of Allica’s commercial finance offerings to its business clientele.

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The Tuscan team, with a presence across the UK, is set to fully integrate with Allica, gaining access to its funding base and distribution network.

The acquisition enables Allica to incorporate bridging and refurbishment finance into its portfolio, with a focus on semi-commercial and full-commercial bridging.

Allica, which reported lending more than £2bn to businesses since its launch in March 2020, aims to strengthen its commercial mortgages and asset finance within the bridging finance domain.

Founded in 2018 by industry veterans Colin Sanders and Ed Parsons, Tuscan Capital quickly distinguished itself by winning the Best Newcomer award at the Bridging & Commercial Awards in 2019.

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Sanders said: “Ed and I set up Tuscan with a vision to transform what we saw as a broken bridging market, with a specific focus on bringing back speed and decisiveness to the decision-making process.

“This is a really positive development for the Tuscan team, our intermediary partners, and the wider SME community, and we look forward to the proposition enhancements that will undoubtedly follow today’s news.”

Allica Bank chief commercial officer Nick Baker said: “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.”

Furthermore, Allica has appointed Justin Trowse to lead the bridging distribution strategy as head of bridging.

Trowse previously served as director of structured property finance at LendInvest.