Under normal circumstances we are able provide loans equivalent to 70% of the estimated GDV of the project. For experienced developers we can often provide funding up to 100% of all site purchase, development and finance costs, when additional security is available. We can also introduce Mezzanine Loans secured on a 2nd charge to provide any additional ‘top up’ funding.
A summary of current key underwriting criteria:
- All Residential Property Types supported including houses,terrace, mews and flats
- Applications should be supported by good evidence of demand in the local area
- If properties are to be retained on completion a long term refinance option can be provided
- Mixed use and Commercial Schemes can be supported subject to a demonstrable demand on completion
- Developments should show sufficient margin to absorb any possible future reduction in the anticipated Gross Developed Value (GDV) of the project
- The borrower or proposed main contractor should have a good CV and be able to prove they have experience of this sector