London Credit has cut rates across its mainstream property development finance range and introduced a new product for lower-risk schemes.
The lender has reduced its mainstream development rates by 1% a year.
Its new Prime Development offering is available at rates from 10.00% a year at 70% loan-to-gross-development-value and 9.50% a year at 65% loan-to-gross-development-value.
London Credit said its specialist in-house property development team would continue to manage the proposition.
The lender can support experienced and first-time developers during the planning and delivery of projects, while providing brokers with access to flexible funding.
Jake McCausland (pictured), head of development finance at London Credit, says: “Development finance is a market where experience is so important. Every project is different and understanding build costs, project timelines, planning considerations and exit strategies is often just as important as the numbers themselves.
“We continue to see strong demand from developers looking to bring forward projects of all sizes, from experienced operators delivering established schemes to first-time developers entering the market.
“Many are also looking to keep funding costs competitive whilst ensuring they have the right support throughout the development process.
“By reducing rates across our mainstream development range and introducing a new Prime Development offering, we are giving brokers greater flexibility when structuring development transactions, supported by a team with a deep understanding of the property development sector.”
