Development Finance

Small developers given a boost following Appeal Court ruling

Mon 16 May 2016

Developers have been given a boost after the Court of Appeal reversed a judgement that scrapped the small sites affordable housing contributions policy. The Court of Appeal decision restores the policy which means affordable homes contributions will fall to those bigger developers building the largest sites – while those smaller builders developing sites of 10 homes […]

Wellesley Finance gears up for broker launch

Fri 13 May 2016

Peer-to-peer development and bridging lender Wellesley & Co has soft-launched its intermediary lending brand Wellesley Finance ahead of a full scale launch later this year. Tom Clark, head of bridging at Wellesley Finance, said the brand’s website – which went live this week – was designed to give brokers a taste of what the firm […]

Construction output falls in Q1 2016

Fri 13 May 2016

Output in the construction industry during the first three months of 2016 was estimated to have fallen 1.1% compared with Quarter 4 of last year. The latest figures from the Office for National Statistics suggested downward pressure on the quarter came from all new work which decreased by 0.6% and repair and maintenance which decreased […]

Advisers back PFS apprenticeship scheme

Wed 11 May 2016

Advisers have overwhelmingly come out in favour of the proposed Personal Finance Society apprenticeship scheme. Most (97.1%) saw a specialist apprenticeship for financial advisers as a good idea and three quarters (75.4%) were interested in using the scheme. The PFS will fund the apprenticeship programme, which will guide trainees on gaining the necessary qualifications. Keith Richards, […]

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 […]