Applicants can borrow between £50,000 to £600,000 over a period of three months to two years. Interest is charged at 1.45 percent per month on funds in use, which can be stage released up to 60 percent of build costs.
In line with the company's ethos of assisting while many institutions are lending on prime applications only, light adverse will be considered and the submission of a DiP form will result in a free, same day decision.
Crystal Mortgages, through its Crystal Commercial Funding division, is also, it claims, the only UK firm to offer near-prime commercial mortgages that considers applications based on current payment ability over the more traditional serviceability checks, which may cause applications to be declined by banks.
Roger Dewsbery, senior underwriter at Crystal Commercial Funding, said: "Development funding disappeared as soon as the recession hit, but it is an essential product which has been sorely missed by the market, and by people undertaking small building projects especially.
"We are again leading the way in making money available and giving brokers and customers an option that has been requested time and time again. In the current economic climate it has been left to us to show major High Street banks what customers require."
