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Commercial Finance

Octopus Real Estate

Bridging & Commercial interviews Dan Murray, head of sales at Octopus Real Estate, who talks about a buoyant market in the North but also about the growing concerns in the specialist lending sector. He says the specialist lending market “has been spoilt with business over the past few years and, as a result, I think the service proposition has suffered.” Mr Murray asserts that “collectively we need to get back to what bridging and short-term lending is all about: flexibility, transparency and shorter transaction time.” Bridging & Commercial

Funding Circle unveils £250m securitisation of UK loans

Funding Circle has unveiled a £250m securitisation of its UK loans, backed by Waterfall Asset Management.
The securitisation forms part of Waterfall’s £1bn investment in Funding Circle loans announced at the end of last year.
“This latest securitisation further validates the attractive, risk-adjusted returns that are being generated for investors in SME loans,” said Sachin Patel (pictured), chief capital officer at Funding Circle.
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Industry & Legislative News

Labour plans extra property tax on foreign buyers

Labour has pledged to put an extra tax on foreign companies and trusts buying property in the UK. It is part of the party’s wider tax plans and would charge offshore firms 20% for property purchases, on top of existing stamp duties and surcharges. Shadow chancellor John McDonnell said the levy, which will raise £3.3bn a year, was needed to “raise essential revenue for our public services”. The move comes after the Conservatives said companies and individuals who buy property in the UK, but are not tax resident here, will have to pay a 3% surcharge, raising an estimated £120m a year. The Lib Dems have also pledged to increase stamp duty for foreign buyers of residential property. – BBC

Treasury hikes borrowing amid council bankruptcy fears

A surge in councils borrowing to buy commercial property in the hope of generating rental income has spurred the Treasury to increase the cost of borrowing from the Public Works Loan Board by 1%. Sources tell the Telegraph there are concerns the borrowing could become unsustainable and councils could be left stranded with declining assets. But Pantheon Macroeconomist Samuel Tombs said the Treasury’s intervention means borrowing costs have “skyrocketed” and has jeopardised “many capital projects that local authorities had planned”. – Sunday Telegraph

Corbyn in Amazon protest vowing clamp down on a “tax and wage cheat culture”

The Labour leader has staged a protest outside an Amazon depot as he seeks to highlight his party’s manifesto pledge to reform tax rules for multinationals. Jeremy Corbyn said: “We aren’t afraid to take on the corporate giants and the elite few, who are hoarding wealth and power.” He will accuse multinationals of using both their “power and our weak laws to rip off both the taxpayer and their workers.” – The Daily Telegraph

Tories pledge insolvency shake-up

The Conservatives have vowed to strengthen the UK’s corporate governance regime and shake up insolvency rules and the audit system to help prevent disasters like the collapse of Thomas Cook or Carillion. – Daily Mail

Product Updates

Shawbrook Bank unveils new business savings accounts

Shawbrook Bank has announced the launch of a new Business Savings Easy Access account as it begins the roll? out of its enhanced SME savings proposition. The new offering will give business customers a wider range of savings products to choose from, while new applications will benefit from an improved rate on Shawbrook’s existing 100-day notice account. The new Business Easy Access account offers an interest rate of 1.05%, while rates on its existing 100-day notice account have been raised to 1.51%. – Business Money
Wesleyan Bank has launched a cash flow product for the renewable heat sector, offering advanced payment for government qualifying renewable heat incentive (RHI) projects. The financing is available to any technology receiving RHI payments and it has been structured to assist renewable heat operators overcome technical, financial and commercial hurdles to make project commissioning and operations achievable. – Lease life

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