The Wirral-based bridging lender’s development product will cover up to 100% of the build costs.
BFS is working with surveyor and property consultant Keppie Massie, who will carry out all valuations, development appraisals and quantitative surveying project monitoring.
“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,” said Jeanette Gwatkin of BFS (pictured above).
“What makes this product unique is it offers smaller developers loans that many banks simply don’t have an appetite for.
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“It’s a bold move for us, but one that is synonymous with our wider approach of catering for smaller regional loans.”
Last year BFS relaunched the Hunters Licence, a finance package which is specifically designed for developers and investors.
Jeanette added: “We offer finance on the basis that the project has planning approval, but will consider sub-£1m loans in contrast to bridging companies in the South and South East where an appetite for £1m-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 developer’s 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.”