Dragonfly Property Finance has cut its development loan interest rate and exit fees with immediate effect.
The interest rate has been reduced to 10% pa, down from 11%, while the exit fee has been reduced to 1% of the loan facility, down from 2%.
“These competitive updates to our development products, and the creation of a dedicated in-house team to even better support our introducers, underline the massive appetite we have to grow this area of our business,” said Mark Posniak, Managing Director of Dragonfly.
“Our goal, to significantly boost our development book, reinforces Dragonfly’s evolution from a bridging lender to one with a much broader, market-wide remit.”
The cuts are the latest change to Dragonfly’s proposition since the departure of CEO Jonathan Samuels.
Earlier this month, the lender said it had passed £1bn in loan redemptions and appointed three new managers to its team.
Dragonfly Property Finance has cut its development loan interest rate and exit fees with immediate effect..
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