West One Loans has today announced at the NACFB Expo that it is launching a range of development finance products.
The news follows its move into second charge mortgage lending in 2017.
The development finance range will be available through West One’s broker partners and through direct enquiries to West One.
Key features include:
- £1m to £7.5m loan sizes
- Initial LTV up to 70%
- Loan-to-cost up to 85%
- Loan-to-GDV up to 65%
- Up to 100% of build costs
- Terms up to 24 months
- Up to 30 units of up to £1.5m value per unit
Stephen Wasserman (pictured), managing director of West One Loans, said: “West One’s Development Finance is designed with small developers in mind who are underserved by High Street and private banks. It can be used for greenfield, new build residential developments or brownfield major renovations and conversions.
“Small and medium-sized developers often find funding their projects to be a headache. Without established relationships at private banks or on the High Street, with insufficient equity or simply with projects outside the South East of England, getting finance agreed is often a challenge.
“Our underwriting is renowned for considering each case on its merits, offering a bespoke approach to assessing individual borrowing requirements. The launch of our development finance range is a natural extension of that and is designed around the challenges many of our existing bridging borrowers face.”