Guernsey-based start-up Tenn Capital has announced a funding facility and joint venture partnership with funds advised by Elliott Advisors (UK) and its affiliates.
Elliott will provide funding of up to £300m to build Tenn Capital’s proposition, which will allow Tenn to deliver its lending mandate on a global scale.
Tenn Capital provides short-term loans secured against residential real estate for high-net-worth borrowers and complex transactions.
It was founded this year by JTC CEO Nigel Le Quesne, former MD of Amberton Asset Management Matt Watson, and Islay Robinson and Hugh Wade Jones of Enness Global Mortgages.
Matt Watson (pictured), now CEO of Tenn Capital, commented: “Working with Elliott, Tenn will bring fresh capital to the sector. We received funding offers from a range of potential partners, but it was important we found a partner who understands our vision, lending appetite and attitude to risk.”
Nigel Le Quesne, Chairman of Tenn Capital, added: “This is a significant moment in the development of Tenn Capital and testament to Matt’s stewardship and 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 lifeline to legitimate clients who have been underserved in the past by the established institutions.”