Bridging Finance Solutions continues to offer short term lending support to the smaller developer, launching a bespoke development finance facility catering for loans at a value of sub-£1 million.
Whilst many lenders steer away from this customer group, BFS is actively promoting its unique product, keen to cater to a growing market who are reaping the financial benefits of development from the ground up.
John Hardman, Head of Sales at Bridging Finance Solutions explains: “For many lenders, the sheer bureaucracy that surrounds a development facility means that lower value loans don’t naturally hold much appeal and in fact many companies simply won’t lend at the sub £1m threshold.
“BFS, however, is keen to work with this market. We’ve invested heavily in terms of technology and procedures to ensure the process runs smoothly and ultimately is workable regardless of value. We have taken a similar approach in terms of geography and work predominately with customers in the north – again a trend that veers away from wider industry trends.”
He added: “The sub £1m property development market has been routinely forgotten by the high street banks since 2010, as they seek to redress their balance sheets with ‘shortcut’ big ticket deals of £5million and beyond, and in its wake has been left a plethora of opportunity for both inexperienced and time served property developers. This market has increased steadily and is currently accounting for a growing share of our loan book year on year. I would definitely put this down to our ability to deliver outstanding knowledge and a premier level of service for our clients at every stage of what can be a difficult journey.”
The new development product requires an analytical approach in terms of figures as well as attention to detail around the other key factors behind a proposal such as planning, professional teams, warranties etc. The BFS team are able to introduce all these qualities at the outset of a proposal by delivering a product that immediately puts a client at ease with the speed and clarity of offering
John continued: “This really isn’t an off the shelf product but will be bespoke to each individual according to their needs. BFS have a demonstrable track record in creating unique funding solutions and this is reflected in the number of repeat clients we have and I believe with this new product, were set to attract and welcome many more.”