Aldermore more than doubles maximum development loan size
Aldermore has increased its maximum property development loan size from £10m to £25m.
The bank said the move is a response to increased demand from developers looking to borrow through tailored financing facilities.
Simon Knowles, head of property development at Aldermore, said: “We have seen a growing demand from existing and new customers for larger loan limits and we are delighted to provide them with a significant increase with immediate effect.
“Alongside this, our personalised underwriting service will continue to ensure that our customers receive tailored support to suit their individual needs.
“It is vital that banks offer the necessary financing to SME developers to help them meet the growing demand for new properties and tackle the significant housing shortage in the UK, and Aldermore is very much committed to playing its part.”
Since 2012, Aldermore’s property development division has enabled SME developers to build over 5,000 homes.