Bridging Finance Solutions has revealed a significant upturn in development loans within Merseyside with over £12m of funding agreed in the past three months.
BFS continues to focus on the smaller to medium size developer with loans typically ranging in size from £100,000 to £4million.
Amongst deals recently completed are four luxury detached homes in Heswall within a gated community with a loan of £4million, a similar scheme in Oxton for six luxury houses against a £2million loan and a £1million loan for the redevelopment of nine apartments in Liverpool’s Georgian Quarter. Schemes including two semi-detached homes in Birkenhead with a £600,000 loan and six apartments in Southport under a £1.6m deal have also recently completed.
Steve Barber, Managing Director of Bridging Finance Solutions commented: “The small to medium size developer is our ideal customer. The majority of lenders are not particularly interested in this end of the market but for us this is our absolute sweet spot.
“Coupled with our target customer profile is the fact that we are only one of a handful of lenders to offer small scale development finance not only in the North West but the UK, and this is undoubtedly a growing area of the market for us. Customer projects range from new builds to refurbs. In a market where interest rates are rising we are holding our rates, building consumer confidence and gaining further credibility.
“Currently, development loans account for roughly 50% of our business, and we see that trend growing. Once again, we’ve increased turnover for last year and expect this to continue into 2024 – development loan finance will indefinitely help us realise these goals.