"Spring has grown significantly since the launch of the bridging division two years ago and this is an exciting time in the journey."
- Claire Newman, director of bridging and development finance
Spring Finance has announced the formal launch of its development finance division.
Spring’s product range includes ground-up development finance for new build sites as well as a light development finance product to fund conversions, change of use, completion of yet to be finished sites, and home extension projects.
All products are available for both FCA regulated and non-regulated loans. Spring is targeting SME developers, the self-build and the home extension market. Day 1 funding is available up to 60% of GDV on ground up projects, and up to 65% of GDV on light development cases.
Both products offer funding for 100% of the cost of works with loans available from £100,000 to £2m. All products have no exit charges.
The development financial proposition follows on the back of Spring's expansion into Scotland and the launch of a non-FCA regulated proposition.
Whilst Spring feels the market conditions in the past 12 months have not been right to fully launch this product, they have been inviting in development loans from key partners. With property market conditions improving, base rates on the way down and build costs stabilising, the lender feels that now is the time to fully launch the product to the market.
To support this product launch, Spring has recently recruited Emmanuel Johnson as underwriting manager for development finance. Emmanuel brings with him a wealth of experience and energy from working with high street banks and specialist lenders. Emmanuel will be working alongside Claire Newman, director of bridging and development finance, to launch this new product and continue the build out of the development finance team.
Claire Newman, director of bridging and development finance, said: “Spring has grown significantly since the launch of the bridging division two years ago and this is an exciting time in the journey. Our development product will enable us to support our brokers and their clients in particular with regulated self-build schemes which are underserved in the market. Emmanuel is a great addition to the team and with him on board we look forward to growing the development side of the business over the coming months.”
Emmanuel Johnson, development finance underwriting manager, commented: “Spring Finance puts its clients at the centre of all it does, the launch of this product is yet another example of this. I am very excited to be part of the team and look forward to adding value to the business and seeing it grow.”
Jim Baker, sales director, added: “We have very ambitious growth plans at Spring with the broker and customer experience at the heart of what we deliver. A key to our growth plans is to offer a full suite of products to service the diverse need of our brokers and their clients. I am delighted to add this solution for development projects to our comprehensive offering of specialist lending products.”
