Paragon Development Finance has launched a 70 per cent gross development value (GDV) offering for SME housebuilders.
The first charge product is available up to 90 per cent of the overall development cost.
Along with its sub-£1m product for smaller housebuilders which allows borrowing from £400,000, Paragon hopes to help more SME developers deliver homes in the UK.
The maximum loan size for residential developments is £3m.
Robert Orr, managing director of Paragon Development Finance, said: “UK SME housebuilders are developing much needed new homes across the UK and access to finance from a committed, experienced and capable lender is vital.
“We always look at ways in which we can support customers and the move to 70 per cent GDV funding is a further extension of that.”
He added: “As part of a successful, well-capitalised bank, all of our lending is completely off our own balance sheet, so customers have one point of contact and a seamless process with credit and due diligence. That is important to them as they look to get schemes off the ground.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS