The bank said its exit offering supports the opportunities created by the clarification of the government’s Your First Home scheme, following yesterday’s Autumn Budget.
Allica will now consider development exit finance for residential schemes over £2.5 million comprising more than one unit, with pricing at 0.65% and a maximum loan-to-value (LTV) of 75%.
Applications will be considered on a case-by-case basis for developments delivering homes intended to meet the first-time buyer criteria. It also includes a maximum 24-month term with no exit fees.
Steve Palfreeman (pictured), head of sales – bridging finance at Allica Bank, said yesterday’s budget was a “real boost” for property developers.
“It’s encouraging to see renewed focus on getting more people onto the housing ladder,” he said. “But we can’t lose sight of the people actually building these homes. If we want to see more homes delivered, we need to make sure that brokers and the developers they serve have the financial backing to keep building.”
Your First Home: confidence to build
Sponsored by Halifax Intermediaries
