Over the past month, Fiduciam has completed over £22 million of loans to housebuilders under the Coronavirus Business Interruption Loan Scheme (CBILS).
Over the past month, Fiduciam has completed over £22 million of loans to housebuilders under the Coronavirus Business Interruption Loan Scheme (CBILS).
Fiduciam lends throughout the United Kingdom and has already granted CBILS loans to housebuilders.
London and the South East remain strong markets while the current pipeline of CBILS applications reaches into both Scotland and Wales.
Fiduciam says it has funded new projects and helped other developers finish sites, sell their units and reinvest.
Loan facilities are tailored and can offer quantity surveyor supported development drawdowns and an opportunity to replenish working capital.
Fiduciam’s loans under CBILS come with no early repayment charges.
Marc Morris, underwriter at Fiduciam, said: “Without a doubt, the onset of COVID-19 has significantly lengthened the development lifecycle.
"Housebuilders have experienced additional delays from planning to construction to sales.
"Key to retaining housebuilding capacity is ensuring that developers have the liquidity to weather these longer timeframes.
"CBILS has helped Fiduciam assist new projects and support longer construction and sale periods.”
Ryan Parrett, business development manager at Fiduciam, added: “Pre-COVID we were working with borrowers to speed up their development lifecycle and thus boost their organic growth.
"Now, rather than promoting a more efficient use of capital, we’re helping housebuilders handle delays, complete projects and restart stalled projects.
"Over the last few weeks, I’ve visited multiple sites and it is gratifying to see how CBILS loans make a real difference for these housebuilders.”
Fiduciam is accredited by the British Business Bank to offer loans under the CBILS.
Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses during the COVID-19 outbreak.
The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
