London Credit has launched a pilot of its development finance range ahead of a full launch.
London Credit said it would use the offering to refine its proposition before making a controlled launch to the whole broker market.
Products are available up to 70% loan to gross development value (LTGDV) and will be open to a small number of schemes.
Earlier this year, the lender appointed Jake McCausland to lead London Credit’s planned expansion into development lending. The pilot is the first stage of this.
McCausland (pictured), head of development finance at London Credit, said: “At London Credit, we understand that development finance is a very specialist area of lending and it’s important to ensure both product and processes are built to meet the specific needs of developers. With this in mind, we are launching in a controlled way to ensure we are completely happy with our proposition before rolling it out more widely.
“We look forward to the next stage of our launch in the coming months and helping brokers to deliver new funding options to their developer clients.”
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London Credit currently offers bridging loans from £100,000 to £3.5m on residential, commercial and semi-commercial properties in London, the South East and major cities, with terms from three to 18 months. It will provide loans for product refurbishment, auction finance and capital raising.
The maximum loan to value (LTV) on residential is 75% and 65% on commercial and semi-commercial loans.
