Speaking to Development Finance Today, Terry Woodley, director of development finance at Shawbrook (pictured above), said that the specialist bank had provided £250m to SME property developers in just 22 months since entering the development finance market.
“We currently have a very simple product structure which allows us to help make the deal work for developers,” said Terry.
“The way we work also means we can get closer to our clients, their business plans and the developments they’re planning.
“It means we can support more creative projects and more innovative construction techniques.
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“Modular housebuilding, for example, is an area of the market we are actively able to support.
“We are also looking to launch a VAT loan product to further support developers and we have already conducted a successful trial of the product.”
He added that Shawbrook had provided a lot of its funding to areas outside of London, such as Bristol, Birmingham and Manchester.
“We do focus on regional areas and we want to support developers in these regions who may be underserved by more traditional lenders.
“We’re seeing a significant volume of enquiries from regional developers across the country, not just in the South East.
“It’s important that we’re well placed geographically to get closer to these projects, and the footprint of our regional business centre network allows us to do just that.”