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BFS launches development finance product for the North West

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  • 05/06/2017
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BFS launches development finance product for the North West
Bridging Finance Solutions (BFS) has launched a development finance product, specifically aimed at the North West market.

The Wirral-based firm is working with surveyors and property consultants, Keppie Massie, which together will retain their focus on the North West for this product.

Jeanette Gwatkin, Bridging Finance Solutions, said: “We have been offering development finance on an ad hoc basis for several years but are seeing an increased demand in this area, so have taken the decision to formalise the product.”

Development finance is used to fund residential and mixed use ground-up developments ranging from self builds to larger multi-unit schemes.

BFS will cover up to 100% of build cost.

Gwatkin added: “We offer finance on the basis that the project has planning approval but will consider sub £1m loans in contrast to bridging companies in the South and South East where an appetite for £1m plus lending has proved a barrier to smaller schemes.”

BFS will also consider heavy refurbishment including conversion to HMOs, commercial building into residential apartments and hotels into apartments.

“What makes this product unique is it offers smaller developers loans that many banks simply don’t have an appetite for,” said Gwatkin. “It’s a bold move for us but one that is synonymous with our wider approach of catering for smaller regional loans.”

Keppie Massie will carry out all valuations, development appraisals and project monitoring.

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