LendInvest scraps development finance exit fee
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 four months demonstrates.
“We have big plans for development finance, and removing the exit fee makes it even more attractive to the small-scale developers who we are committed to supporting.
“These experienced developers know what they are doing, have exciting projects that need support, and stand to be the solution to the country’s housing crisis. We want to help get their projects moving.”
LendInvest launched into development finance in December 2015 and has since written 14 development finance deals ranging from £400,000 to £10m in its first four months.
Loans are available to experienced property developers looking to build residential or semi-commercial properties in England and Wales in terms of up to 24 months.
Borrowers can apply for loans up to 65% of the gross development value, 100% of the development costs and may be eligible for loans of up to 90% of total project costs.