Fiduciam completes over £22m in CBILS loans to housebuilders
Over the last month, Fiduciam has completed over £22m-worth of loans to housebuilders under the Coronavirus Business Interruption Loan Scheme (CBILS).
Fiduciam lends throughout the UK and has granted CBILS loans to housebuilders from rural Devon to Halifax to Belfast; London and the South East remain strong markets, while the current pipeline of CBILS applications reaches into both Scotland and Wales.
The loan facilities are tailored to borrower needs and can offer quantity surveyor-supported development drawdowns, and come with no early repayment charges.
Marc Morris, underwriter at Fiduciam, said: “Without a doubt, the onset of COVID-19 has significantly lengthened the development lifecycle.
“Housebuilders have experienced additional delays from planning to construction to sales.
“Key to retaining housebuilding capacity is ensuring that developers have the liquidity to weather these longer timeframes.
“CBILS has helped Fiduciam assist new projects and support longer construction and sale periods.”
Ryan Parrett, business development manager at Fiduciam, said: “Pre-COVID, we were working with borrowers to speed up their development lifecycle and thus boost their organic growth.
“Now, rather than promoting a more efficient use of capital, we’re helping housebuilders handle delays, complete projects and restart stalled projects.
“Over the last few weeks, I’ve visited multiple sites and it is gratifying to see how CBILS loans make a real difference for these housebuilders.”