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West One Loans ups development finance loan limit to £15m
West One Loans has increased its development finance loan limit by 50 per cent to £15m to support small and medium-sized house builders.
According to the lender the product enhancement will offer small and medium-sized house-builders “fast, competitive and reliable” financing solutions.
West One Loans development finance head, Guy Murray, said: “As we’ve grown our development finance business over the past three years, the developers we’ve lent to have also expanded their businesses and moved from smaller to larger projects.
“We made these changes to ensure we continue offering competitive products to our customers, so they don’t need to find an alternative solution in financing larger development sites.”
West One Loans can now offer loans between £1m and £15m, with lending at 65 per cent loan to gross development value and 85 per cent loan to cost.
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Financing is also available for residential led schemes, 100 per cent build costs and developers must have completed a minimum of two projects to be eligible.