Wirral-based finance house announces new sub-£1m support for smaller developers
Bridging Finance Solutions, the independent finance house, is looking to boost its short-term lending support for smaller developers with the launch of a product catering for sub-£1m loans.
The Wirral-based company said that while many lenders steer away from this customer group, its own team is keen to cater for a growing market as it reaps the financial benefits of developing from the ground up.
According to Bridging Finance Solutions, the new offer requires an analytical approach in terms of figures, along with attention to detail on the other elements of a proposal, including planning, professional teams and warranties.
Bridging Finance Solutions’ head of sales, John Hardman, said: “For many lenders, the sheer bureaucracy that surrounds a development facility means that lower value loans don’t naturally hold much appeal and in fact many companies simply won’t lend at the sub-£1m threshold.
“BFS, however, is keen to work with this market. We’ve invested heavily in terms of technology and procedures to ensure the process runs smoothly and ultimately is workable regardless of value.”
He continued: “We have taken a similar approach in terms of geography and work predominately with customers in the North – again a trend that veers away from wider industry trends.
“The sub £1m property development market has been routinely forgotten by the high street banks since 2010, as they seek to redress their balance sheets with ‘short cut’ big ticket deals of £5m and beyond, and in its wake has been left a plethora of opportunity for both inexperienced and time served property developers.”
Speaking further, John said the market has however increased steadily and currently accounts for “a growing share” of Bridging Finance Solutions’ loan book.