LendInvest has launched a development finance product for projects that have reached completion where the units haven’t yet been sold.
The exit finance product charges interest of 0.7% per month and is available between £250,000 and £5m up to 75% loan-to-value.
The product comes with no early repayment charges.
Matthew Tooth (pictured), head of distribution at LendInvest, said: “We know that it can be expensive for developers to remain on their development finance loan when they have finished constructing the units, but have not yet sold all of them.
“We’ve introduced this flexible new product to help experienced developers to move to terms that better suit them and ensure they maximise the profit opportunity from their projects.
“Subject to certain conditions, developers will be able to retain part of the proceeds from every unit sale. This will boost their cashflow and can help with the sale and marketing of the remaining units or go towards starting their next project.”