On Tuesday we launched our latest product, Development Exit. Designed for development projects that have reached practical completion, the new product will maximise your client’s profitability by replacing higher cost development finance with flexible, low cost funding.
Key features of the development exit finance product:
• Interest is charged at 0.7% per calendar month, with a choice between rolled or serviced payments
• It is available on loans between £250,000 and £5 million
• A maximum loan-to-value of 75% applies
• There are no early repayment charges
We know that it can be expensive for developers to remain on their development finance loan when they have finished constructing the units, but have not yet sold all of them. We’ve introduced this flexible new product to help experienced developers move to terms that better suit them and ensure they maximise the profit opportunity from their projects.
Subject to certain conditions, developers will be able to retain part of the proceeds from every unit sale. This will boost their cashflow and can help with the sale and marketing of the remaining units or go towards starting their next project.