Development Finance

LendInvest scraps development finance exit fee

Tue 10 May 2016

LendInvest has scrapped the exit fee on its development finance offering. Previously the lender charged a 2% fee if the loan to gross development value was over 50%. Steve Larkin, director of development finance at LendInvest, said: “Our development finance product has proved very popular with developers already, as our tremendous progress over the last […]

Developers facing government tax crackdown

Mon 9 May 2016

Tax dodging property developers are being investigated by a government “crack team of experts”, the Evening Standard has reported. The ‘task force’ will focus on avoidance and evasion primarily in London, with ministers already identifying firms to investigate. It will work to ensure developers pay the right amount of stamp duty, employment taxes and other levies. […]

Developers urged to think twice on larger units

Fri 6 May 2016

Developers are being urged to look at demand before committing to larger units following research from Benham & Reeves Residential Lettings. According to their statistics 49% of all flats let across its 15 London offices have been two-bedroom apartments. One-bedroom units constitute 22% of all transactions, studios 11% and the remaining 18% are apartments and […]

Secure Trust Bank reports strong start to 2016

Thu 5 May 2016

Secure Trust Bank reported a strong start to 2016 despite curbing its residential development lending ahead of a possible Brexit. And addressing shareholders at the annual general meeting chairman Sir Henry Angest said the bank is well positioned to make progress throughout the rest of the year with its asst and commercial finance divisions performing well. He said: […]

Crystal Specialist Finance reports bumper first quarter

Thu 28 Apr 2016

Crystal Specialist Finance has issued terms on £401m worth of business from January to March this year as it saw a 96% increase in business levels. During the same three months completions rose by 153% across over 30 different lenders and the business extended its strategically important panel partnership agreement with leading network, The Right Mortgage. […]

LendInvest secures £40m funding line from Macquarie

Thu 28 Apr 2016

LendInvest has agreed a warehouse financing facility with global financial services provider Macquarie for an initial amount of £40m. The facility will allow LendInvest to continue its growth and consolidate its leading position in the UK short-term mortgage market. The Macquarie facility, which can be increased over time, is LendInvest’s fourth bank funding line and […]

NACFB gives expansion update

Wed 27 Apr 2016

The National Association of Consumer Finance Brokers has updated brokers on its expansion plans this year. The association is looking to take on additional manpower, having already advertised for personal assistant and office manager roles, while it is looking to move offices from Hamilton House to accommodate more people. The NACFB, which is supported by […]

LendInvest completes 14 development deals

Wed 27 Apr 2016

LendInvest has completed 14 development finance deals since launching its offering in December 2015. Its 14 deals ranged from £400,000 to £10m and its most successful month was March, where it completed a £5.85m conversion of an old commercial unit in North West London with a view to obtaining planning for residential conversion in three […]

LendInvest sees record month in March

Thu 7 Apr 2016

Peer-to-peer lender LendInvest has posted a record month, completing bridging loans worth over £50m during March. Matt Tooth, head of distribution at LendInvest, said: “From the moment the Chancellor announced that additional stamp duty would be charged on second homes back in the Autumn Statement, we knew that March would be a big month. “Property […]

Aldermore extends bridging to Scotland

Mon 4 Apr 2016

Aldermore has extended its bridging and property development lending into Scotland. The product range will provide property finance from development to refurbishment. The lender already offers products for residential, buy-to-let and commercial mortgages in Scotland. Charles Haresnape, group managing director of mortgages at Aldermore, said: “We’re delighted to offer bridging and property development in Scotland […]