The lender moved into the second charge mortgage market last year and from today (20th June) will be offering development finance through its broker partners and direct enquiries to West One.
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Key features of the development finance range include:
• £1m to £7.5m loan sizes
• initial LTV up to 70%
• loan-to-cost up to 85%
• loan-to-GDV up to 65%
• up to 100% of build costs
• terms up to 24 months
• up to 30 units of up to £1.5m value per unit
Stephen Wasserman, managing director at West One Loans (pictured above), said its development finance range was designed with small developers in mind, who were underserved by high street and private banks.
“It can be used for greenfield, new-build residential developments or brownfield major renovations and conversions.
“Small- and medium-sized developers often find funding their projects to be a headache.
“Without established relationships at private banks or on the high street, with insufficient equity or simply with projects outside the South East of England, getting finance agreed is often a challenge.
“Our underwriting is renowned for considering each case on its merits, offering a bespoke approach to assessing individual borrowing requirements.
“The launch of our development finance range is a natural extension of that and is designed around the challenges many of our existing bridging borrowers face.”