Cambridge & Counties Bank launches development finance proposition
Cambridge & Counties Bank’s proposition is aimed at experienced property developers and SMEs funding residential projects in the UK.
The specialist lender will offer loans from £500,000 to £7.5m for terms of up to 24 months. The product provides up to 80% loan-to-cost with build costs fully funded, and up to 65% loan to gross development value (LTGDV).
Cambridge & Counties Bank said the proposition was designed to support developers throughout the construction phase of a project and would allow borrowers to move from a development finance facility to a term loan without exit fees if they remained with the lender.
Each client will also have access to a senior property manager working in development finance to serve as a touch point across projects and loan types.
Jayne Follows, head of real estate finance at Cambridge & Counties Bank, said brokers and borrowers were looking for reliability and long-term support for their experienced residential developers.
She commented: “Brokers and borrowers have told us they are seeking reliability and integrity – our strategy is to build on the bank’s reputation for long-term relationships and a sophisticated approach to often complex lending needs to deliver an enhanced development financing proposition.
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“Our target borrowers will be experienced developers with a proven track record within the residential sector looking for a hands-on, flexible, one-stop-shop partner who can support them across the lifecycle of a project with competitive financing.”
