We are able to provide property development loans equivalent to 70% of the estimated gross development value (GDV) of the project which may be eligible for CBILS. For highly experienced property developers this can often be extended to 100% GDV (including site purchase, development and finance costs) where there is additional security available.
We can also introduce Mezzanine Loans secured on a 2nd charge to provide any additional funding that may be required.
A summary of current key underwriting criteria:
- All residential and commercial property types supported including single build and multiple units
- Applications should be supported by good evidence for local demand
- If properties are to be retained on completion, long term refinance options are available
- Mixed use schemes can be supported
- Developments ought to show sufficient margin to absorb any possible fluctuations in the anticipated GDV of the project
- The borrower or proposed main contractor should have a good CV and able to prove they have relevant experience in this sector.