The product, PartX Property Finance, is available when Alternative Bridging has provided the original development finance or where this has been advanced by another lender.

Loans are available on a 12-month term up to £1m, with rates starting from 7.95% pa over Bank of England base rate, and an arrangement fee of 1%.

According to the specialist lender, the product will provide developers with the finance they need to complete a part-exchange purchase with the buyer of one of their developed properties, accelerating the sales process amid uncertain market conditions.

In addition, PartX can offer extra funds for light refurbishment for developers who wish to make improvements to the part-exchanged property to maximise its resale potential.

Terms are agreed at outset, with all due diligence completed in advance using a short-form valuation, title insurance, and a standard legal charge.

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Jonathan Rubins, director at Alternative Bridging (pictured above), said: “When we heard the Chancellor’s Autumn Statement, it was obvious that the state of the UK economy and, particularly the increased cost of home loans, would cause house sales to slow down and transaction times to extend.

“There had to be a simple answer to this problem, and we believe PartX is the solution.

“This type of part-exchange property finance is good for developers, enabling them to complete a sale swiftly at full value.

“It’s a win-win situation for the owners of the part-exchange property, who can sell their property and complete the purchase of their dream home without waiting to find a buyer — and it provides brokers with an additional financial tool they can use to help their clients.

“We want to support our developer clients, some of whom we have worked with for many years, but to also extend this assistance to developer clients of other lenders.

“PartX enables developers to maintain the rate of sale on their sites and, importantly, to repay their development facilities on time.

“An added bonus is that the PartX interest rate is likely to be lower than their development loan.”