Titlestone Property Finance has announced it is moving into speculative commercial development funding.

The firm which provides stretched senior debt in the UK and funds residential schemes under permitted development rights, is expanding into office development within certain areas of London.

Titlestone which has funded over 190 developers to date, is actively looking to fund experienced commercial developers on projects with a maximum loan size of £7.5m and within a 10-mile radius of the M25.

“We are looking to fund projects up to a maximum of 55-60% of completed investment value and around 70-75% total costs,” said Robert Orr, Chief Executive of Titlestone.

“With many mainstream lenders unwilling to become involved in speculative commercial projects, developers have found access to funding difficult.

“We are hoping this new product, backed by our experienced relationship team, will help developers take advantage of the growing demand for new office space.”

Schemes will mainly be geared towards offices but industrial and warehousing could also be included as the company looks to focus on new build or refurbishment projects of up to 25,000 square feet.

Titlestone is backed by Oaktree Capital as part of a £1.98bn European fund.