DEVELOPMENT

Our Development loans offer property developers the flexibility they require to fund — and finish — their latest projects. Our team has a huge amount of experience of working with developers, so we understand the pressures they face, both logistical and financial.

Development Loans

  • Senior Stretch – There are now two products available at a maximum loan to cost (LTC) of 80% or 85%, excluding stamp duty and interest. The maximum LTGDV (Loan to Gross Development Value) is up to 70%. Terms vary from 1 month to 36 months and a minimum and maximum loan size of £750,000 and £40m respectively apply.
  • Refurbishment loans – There are now two products available at a maximum loan to value (LTV) of 70% or 75%, including interest, which is added monthly. The maximum refurbishment cost on the loan is £750,000, or 50% of the initial value of the property (set at a minimum of £300,000). The minimum loan size is £50,000, the maximum loan size £10m and 100% of refurbishment costs can be funded in arrears.

Uses Include:

Our development loans can be used by developers in a variety of circumstances. Potential uses include:

  • Property developments – We will consider lending to fund the development of residential houses or blocks of up to 14 flats.
  • Property improvements – Property investors often wish to renovate a property in a few months and subsequently sell or refinance. Our finance can often prove to be the perfect vehicle for this short-term capital requirement.
  • Specialist lending expertise – Our loans are made on the basis of a much wider range of criteria than most lenders would apply. We’ll lend on the basis of the gross development value of the project, but we’ll also extend build costs.
  • Flexibility – Looking for the flexibility that TML is able to offer through facilities such as interest retention.