Hilltop Enters Joint Venture with MCAP Global Finance
Hill has entered a joint venture with MCAP Global Finance to lend to residential developments to up to £100m.
MCAP Global Finance (UK) LLP is the UK subsidiary of New York-based Marathon Asset Management LP, a leading global credit manager with $23bn in assets under management. Hilltop recently entered into its first transaction with MCAP that also included OakNorth Bank for a £33m facility to finance the construction of 213 affordable homes in Worcester.
Hilltop Launches New Propriety Tech for Underwriting
iStream is phase 1 of the new proprietary tech being launched this month by Hilltop. After one year of development, the phase 1 tech-enabled platform allows Hilltop to streamline underwriting and cover off the majority of due diligence in order to better systematize the underwriting process for borrowers. CEO Paul Oberschneider says, “Anyone can lend money, and there is plenty of it around. It’s how we lend it that makes us unique. iStream 1 is a part of a broader concept that will change the way lenders and equity underwrite deals.”
The iStream Credit Acquisition Platform is a cloud-based Borrower Onboarding & Portfolio Management software application. The platform is designed to help borrowers access capital efficiently at scale for development loans of between £5 million & £100 million pounds. The platform was designed and engineered by experts in technology, real estate, private equity, and credit.
Case Study – Ashford
Project Ashford is a 93-unit development located in Ashford, Kent. The residential, multi-block newbuild development was funded by Hilltop at the start of the Covid-19 Pandemic; it is on track to complete within budget and was fully pre-sold during the development phase.
Single Family Homes Continue to Outperform Market as a Defensive Strategy
Despite the potential softening of GDVs and lower expected sales volumes over the next 18 months, Hilltop sees continued strong demand in the single-family home market, especially in non-urban areas. Funding SME developers is more art than science. Data-driven decision making helps us underwrite, but backing the right team and having the right locations is just as important for project success. We continue to provide funding solutions to housebuilders that build good reasonably priced projects across the UK, building strong relationships for repeat business.
For the past 5 years, Doug has focused on originating and structuring specialist lending products at Octopus Real Estate where he worked with a product range including residential/commercial bridging, development finance, development exit, BTL and commercial term loans.
During his time at Octopus, he played a key role in the completion of hundreds of structured loans, small and large ranging from single unit refurbishments to regeneration development projects. Doug began his career consulting SME’s on their balance sheet hedging strategies and helping them mitigate their currency risks.
After completing her law degree at SOAS University and graduating with a Distinction in the LPC, Maryam joined a specialist boutique firm with a leading practice in private equity and venture capital transactions. She developed knowledge in a wide range of corporate and commercial matters with particular emphasis on mergers, acquisitions and equity fundraising. Maryam has most recently acquired experience in real estate transactions from a London law firm. She has assisted on all aspects of real estate matters, including sales, purchases, and re-mortgages of freehold and leasehold property.
Alex started his career at Handelsbanken as an Account Manager Support, a UK based Swedish private bank. There he spent 4 years assisting with portfolios of loans and deposits worth more than £500m. Providing facilities to UK based firms and European firms with complex structures.
His teams were involved in BTR, Industrial and Logistical loans, working alongside other high street lenders for larger syndicated facilities. He has spent time working on European mortgages and credit facilities for both individual and corporate customers.
Alex has made strong relationships with customers and local professionals, whilst working in varying locations from Chelmsford to Chiswick. At all points dealing with HNW and UHNW customers, both locally and internationally.
Alex Jacobs holds a BSc Honours Degree in Economics from Lancaster University.
Hilltop Climbs to the Top
Last year the team climbed Ben Nevis to raise money for Centre Point, a charity for homeless and disadvantaged teens. This year the team will go up Scaffell Pike in Lake District, and in June, CEO Paul Oberschneider and his son will climb Kilimanjaro one of the Seven Summits and the highest free-standing mountain in the world at 5,895m to raise awareness and money for Neema Village, a children’s orphanage in Tanzania. Neema Village was established in 2012 as a rescue centre for abandoned and at-risk babies.