West One Loans launches into development finance

The lender is offering loan sizes between £1m and £7.5m, with terms up to 24 months and rates between 7% and 10%.

Products have an initial loan-to-value of up to 70%, loan-to-cost up to 85% and loan-to-gross development value up to 65%.

Stephen Wasserman, managing director of West One Loans, commented: “West One’s Development Finance is designed with small developers in mind who are underserved by high street and private banks. It can be used for greenfield, new build residential developments or brownfield major renovations and conversions.

“Small and medium-sized developers often find funding their projects to be a headache. Without established relationships at private banks or on the high street, with insufficient equity or simply with projects outside the South East of England, getting finance agreed is often a challenge.

“The launch of our development finance range is a natural extension and is designed around the challenges many of our existing bridging borrowers face,” he added.