Hodge adds development finance product for experienced property developers

It offers loans up to £5m over a 24-month term and is up to 88 per cent loan to cost and 75 per cent loan to gross development value.

The lender said the option would allow experienced residential and commercial property developers to access “additional leverage” alongside its existing development facility.

Gareth Davies (pictured), head of development finance at Hodge, said: “At Hodge, we’re dedicated to delivering solutions that meet the needs of our customers and make their lives easier. Stretch Senior provides a fast, seamless, and cost effective option for customers who require access to additional funding where a Hodge senior development facility is also taken out.”

He added that as there was one debt provider, there was only one suite of due diligence, no additional documentation and all Hodge lending could be arranged through one facility agreement.

“The Stretch Senior option offers competitive pricing with no additional diligence costs, whilst customers will continue to deal with their existing dedicated and experienced team at Hodge,” Davies said.