Saxon Trust has introduced its new Market & Sell and Finish & Sell development exit products.
With rates starting at 0.57% pm on the Market & Sell product, developers can reduce the cost of their existing development funding whilst avoiding extension fees. In doing so they can gain the time needed to properly market and sell completed units at maximum value and even release capital to inject into their next project.
The new Finish & Sell product enables developers to reduce the cost of their finance as soon as their projects reach a “wind and watertight” stage; rates start at 0.79% pm.
Existing clients will automatically transition from stretch development lending rates to the Finish & Sell and in time Market & Sell products on a ‘fee free’ basis.
Loan sizes are available from £100,000 to £5m, terms from 3-18 months and all internal product transfers are fee free.
Stuart Munden, head of credit and risk at Saxon Trust, said: “Developers have endured a challenging period over the last two years. Whilst there are some risks they simply can’t mitigate; these new products give them the control and time to ensure they can complete and sell their units in an orderly fashion.”