With many developers still feeling the burden of a slow sales pace across the marker, there is a real opportunity for brokers and lenders to provide a solution.
Our developer exit product is among the most popular offering we have.
Three points that set it aside from others in the market:
Our rates start as low as 0.33% per month + BBR (0.77% per month).
- We can lend on unfinished sites before practical completion
- We can allow cash releases as each remaining unit is sold – this money is free of fees and interest
Case study:
- Our client had developed a site of 12 houses in Buckinghamshire
- 3 were under offer
- 2 of the 9 units were unfinished – both at 2nd fix.
- The cost of the remaining works was around £110,000.
Octane Solution:
- 70% LTV – enough to clear the existing lender and give extra funds to finish the last 2 units
- 15-month term
- 2% arrangement fee, no exit fees
- 0.39% per month + BBR
A couple of criteria points:
- We lend up to 70% LTV
- We lend throughout mainland England
- Loans from £100,000 – £20,000,00
- Project must be in the final 10% of construction costs (unless at a very low LTV, in which case we can be more flexible)
Please do let me know if you have a case you need help with!