It hopes to support borrowers amid bank rate increases
Property lender Saxon Trust has launched an exclusive cashback offer on its development exit product range to support developers, in anticipation of another base rate increase in September.
For every Finish & Sell and Market & Sell loan submitted until September 30 that subsequently completes, the lender will pay 0.25% of the gross loan amount directly to the borrowers on completion.
“Following conversations with our broker partners and in the face of growing economic pressures and uncertainty, we felt the time was right to offer an additional incentive directly to our developer clients,” Brian West (pictured), head of sales and marketing at Saxon Trust, said. “Since launching our development exit products in April, our average loan size has been very close to £2 million, which will generate a very useful £5,000 cash back under this new special offer.
Read more: Saxon Trust appoints head of portfolio management – development lending.
“Add to this, all the traditional benefits of lower rates, the opportunity to raise additional cash, loans up to £5 million, loan-to-values (LTV’s) up to 75%, and the additional flexibility and breathing space developers so often need, and the case for placing development exit cases with us has never been stronger.
“Crucially none of these great strengths come at a cost to our brokers for whom a 2% minimum proc fee on exit loans remains standard. In challenging times, we are more determined than ever to find new ways to support both our brokers and borrowers.”
