Pivot ups LTGDVs to 70%

Pivot has enhanced its heavy refurbishment and ground-up development range with a series of improvements.

The lender’s LTGDVs are now available up to 70%, having previously been restricted to 65%.

In addition, LTC has been increased from 85% to 90%, and day-one maximum LTV’s have gone up to 70% from 65%.

Rates start from 0.69% per month on heavy refurbishment loans and 0.79% on ground-up schemes, with no exit fees.

Pivot lends between £500,000 and £10m across England and Wales. 

“We are continually looking to refine and enhance all of our products and, with these latest changes, our development proposition is now stronger than it’s ever been before,” said Shahil Kotecha, CEO at Pivot (pictured above). 

“These are uniquely challenging times for developers large and small and, together with our broker partners, we are committed to providing them with the most competitive, flexible products and the high levels of service they have come to expect.”

The lender can consider first-time developers or those looking to move up in scale or nature — provided their professional team is strong. 

The finance provider doesn’t have a minimum or maximum unit size and treats internal works — including the removal of walls — as non-structural.

It will also allow developers to recycle sales income towards future drawdown costs where cashflows and the scheme merits this.  

In January, Pivot expanded its funding lines to build out its bridging and development offering.

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