Hodge has launched a new development finance option, Stretch Senior, to provide experienced property developers with the opportunity to access additional development finances with a single lender.
The new commercial lending option is for experienced residential and commercial property developers with the opportunity to access additional leverage alongside a Hodge development finance facility.
Designed with flexibility and convenience in mind, Stretch Senior is a facility that provides supplementary development finance at the times when it’s most needed, enabling the borrower to retain increased equity.
Hodge says it has been developed specifically for experienced developers and it offers loans of up to £5 million over a 24-month term, with up to 88% LTC and 75% LTGDV.
Gareth Davies (pictured), head of development finance at Hodge, said: “At Hodge, we’re dedicated to delivering solutions that meet the needs of our customers and make their lives easier. Stretch Senior provides a fast, seamless, and cost effective option for customers who require access to additional funding where a Hodge senior development facility is also taken out.
“There is just one debt provider to deal with, one suite of diligence, no additional documentation is required and all Hodge lending can be arranged via one facility agreement.
“The Stretch Senior option offers competitive pricing with no additional diligence costs, whilst customers will continue to deal with their existing dedicated and experienced team at Hodge.”