Pre-construction borrowers who wish to apply for development finance with LendInvest after securing planning permission will also have their applications fast-tracked when agreed.
- Octopus Property cuts refurbishment rates
- Oblix Capital expands product range with new NatWest funding line
- LendInvest launches GDV-based refurb product
Key features of LendInvest’s pre-construction finance product:
• Interest is charged at 1-1.5% per calendar month
• No exit fees
• Available on loans between £75,000 and £5m
• Available on terms up to 18 months
• A maximum LTV of 70% applies.
Ian Thomas, chief investment officer at LendInvest (pictured above), said: “There can be many hurdles when it comes to acquiring planning permission, so it will be a comfort for borrowers to know that they can rely on a finance product specially designed for what can be an uncertain time in the full development project.
“With pre-construction finance loans lasting up to 18 months, our borrowers will have enough time to deal with whatever issues they might come across without a ticking clock behind them.”
The announcement marks LendInvest’s second product launch of 2017, following the rollout of a new refurbishment finance offering in February.