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Aldermore Bank has significantly increased its maximum property development loan size from £10m to £25m.
The bank said it is responding to increased demand from property developers looking to borrow through tailored financing facilities.
Simon Knowles, head of property development at Aldermore, told Mortgage Introducer magazine: “We have seen a growing demand from existing and new customers for larger loan limits and we are delighted to provide them with a significant increase with immediate effect.”
Aldermore says its property development division has enabled developers to build over 5,000 homes since 2012.
Aaron Strutt, product director at Trinity Specialist Finance, says: “The bank lends up to 75% Loan to Cost or a maximum of 60% of the Gross Development Value. It can provide loans for new build, conversion, or refurbishment developments from £500,000, including mixed use and student accommodation developments.”
Flexible terms are based on your development plans with loan terms up to 24 months on simple or complex developments. Interest rates are set on a case by case basis.
Call Trinity Specialist Finance on 020 7016 6151 to secure funds for your building project