Cambridge & Counties Bank has launched a dedicated development finance solution for experienced property developers and SMEs looking to fund the purchase and development of residential assets in the UK.
The bank is offering loans from £500,000 up to a maximum up to £7.5 million, for a term of up to 24 months. Loans are available at up to 80% loan-to-cost, with build costs fully funded, and up to 65% loan to gross development value.
As developers often transition between different types of loans across the lifecycle of a residential project – such as bridging, development and long-term loans – the new product allows clients to move between a development finance facility to a term loan with zero exit fees if they stay with Cambridge & Counties Bank.
Each client will also have access to a senior property manager working in development finance who can act as a single point of contact across projects and loan types.
Jayne Follows, head of real estate finance at Cambridge & Counties Bank, said: “Brokers and borrowers have told us they are seeking reliability and integrity – our strategy is to build on the bank’s reputation for long-term relationships and a sophisticated approach to often complex lending needs to deliver an enhanced development financing proposition.
“Our target borrowers will be experienced developers with a proven track record within the residential sector looking for a hands-on, flexible, one-stop-shop partner who can support them across the lifecycle of a project with competitive financing.”
