Aldermore says yes to 95pc of property developments
The latest figures from the Department for Communities and Local Government showed that house building completions rose by 9% in the second quarter of 2013 compared to the same period last year.
Rob Lankey, Aldermore commercial mortgages managing director, said: “The latest figures from DCLG show that the house building sector is improving with the number of properties being started in June 2013 6% higher than the previous quarter.
“Aldermore is staunchly supporting house building in the UK by providing finance to 95% of eligible property development applicants which in turn is boosting the economy and helping to continue the recovery in the housing market.”
He added: “There is a real shortage of housing and it is imperative that all stakeholders do what they can to support this vital sector.”
Aldermore offers funding for experienced property developers with a good track record who are looking to build new residential buildings or convert existing buildings into residential housing.
Eligible applicants are those who put forward developments that meet Aldermore’s criteria in terms of size, type and location.
The Bank’s property development finance product offers a minimum loan amount of £500,000 and a maximum loan term of 24 months with a maximum advance of up to 60% of current site value and 60% of development costs.
For selected development sites located in London and the South East of England funding of up to 75% of costs is available.