LendInvest launches pre-construction finance

by: Carmen Reichman
  • 04/04/2017
  • 0
LendInvest launches pre-construction finance
Specialist lender LendInvest has launched a pre-construction finance product allowing investors to get funding before they obtain planning permission for a property.

The product is offered on an 18-month loan term and comes without exit fees.

It is designed for borrowers in the early stages of development who may still be waiting for planning permission or wishing to enhance the permission gained.

Chief investment officer Ian Thomas (pictured) said: “There can be many hurdles when it comes to acquiring planning permission, so it will be a comfort for borrowers to know that they can rely on a finance product specially designed for what can be an uncertain time in the full development project.

“With pre-construction finance loans lasting up to 18 months, our borrowers will have enough time to deal with whatever issues they might come across without a ticking clock behind them.”

The product is available on loans between £75,000 and £5m, at an interest rate of between 1% and 1.5% per month. A maximum loan-to-value of 65% also applies.

Borrowers of pre-construction finance wishing to apply for LendInvest’s development finance product after they have gained planning permission will have their applications fast-tracked when agreed.

Pre-construction finance is LendInvest’s second product launched in 2017, following the rollout of refurbishment finance in February.

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