An increased need for development finance has led to Bridging Finance Solutions (BFS) launching a new product aimed at satisfying the demand.
Jeanette Gwatkin says that BFS, who are based in The Wirral, have worked with surveyors and property consultants, Keppie Massie, to roll out the new product aimed specifically at the North West market.
She explained: “We have been offering development finance on an ad hoc basis for several years but are seeing an increased demand in this area, so have taken the decision to formalise the product.”
Development finance is used to fund residential and mixed use ground up developments ranging from self builds to larger multi-unit schemes. The principle product feature is that we always cover up to 100% of build cost.
“We offer finance on the basis that the project has planning approval but will consider sub £1million loans in contrast to bridging companies in the South and South East where an appetite for £1million plus lending has proved a barrier to smaller schemes.
“We will also consider heavy refurbishment including conversion to HMOs, commercial building into residential apartments, hotels into apartments and more. This product is designed to be flexible and able to adapt to the developers’ specific needs. We are keen to work closely with clients and offer advice on the best way to move their project forward, discussing the various finance options available to them.”
Jeanette says the product is unique in that it offers smaller developers loans that many banks won't contemplate. "It’s a bold move for us but one that is synonymous with our wider approach of catering for smaller regional loans,” she said.
Keppie Massie will carry out all valuations, development appraisals and QS project monitoring.