It will support builders and landowners
Lender Assetz Capital has announced the launch of a 9.35% development finance rate aimed at supporting the small and medium-sized enterprise (SME) residential development sector – including house builders and landowners.
Its financing option offers up to 70% loan-to-gross development value (LTGDV) across the UK, and a decision within 24 hours of application for straightforward transactions.
Andrew Fraser, chief commercial officer at Assetz Capital said the rate was being brought to market at a time when developers are emboldened to build out larger phases on their existing schemes or acquire more land.
“We’re keen to hear about new developments, particularly from landowners looking to make the most of the current market dynamics,” said Fraser (pictured).
The company’s announcement follows its recent completion of transactions totalling £30.1 million across properties in Belfast, Surrey, Glasgow, and Leicester.
Norton Broker Services, a specialist finance packager and master broker, has meanwhile successfully facilitated a £244,000 bridging loan for a client in the final stages of converting a semi-commercial property into a fully residential dwelling.
The property owner required urgent funding to clear existing debts and complete the conversion, having already secured planning permission for the change of use. Facing a tight deadline, Norton Broker Services partnered with StreamBank to secure a bridging loan.
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