Dragonfly Property Finance has unveiled a new commercial bridging loan deal exclusively for members of the National Association of Commercial Finance Brokers (NACFB).
The new loan, charged at 1.40% pm, is targeted at retail and office premises in London.
It is available at 60% LTV on prime London office and retail developments, 55% LTV on secondary offices and 50% on secondary retail.
The minimum loan size on the new product is £200,000; the maximum loan size is £25 million. The property must have a value of at least £500,000.
There is no exit fee after the first month’s interest.
“Within residential property, we are very well known and lend more than any other finance provider,” said Mark Posniak, head of marketing and operations, Dragonfly Property Finance.
“While we intend to keep pushing hard within that sector, we are also keen to ramp up our commercial proposition and this new product is the first major step in that direction. The message we want to get out to commercial developers and investors is that we are hungry to lend and, just as importantly, have the funds and financial strength to do so.
“In finance terms, we feel the commercial property sector is currently underserved and have our sights set on rectifying this. Working with the experienced and highly knowledgeable members of the NACFB will clearly make for an easier roll-out of this product.”
Adam Tyler, CEO of the NACFB, added: “We are thrilled that Dragonfly are making a concerted move into commercial and this will be a huge benefit to the sector given their track record and appetite to lend. Our members have dealt with them on numerous occasions in the past and they have never failed to deliver a service that is anything other than first class.
“This is an exciting development for our organisation and it is an exciting development for the commercial property market as a whole.”
