Octopus Property has launched a development exit product with a pay rate of 0.58% per month, with 0.17% of the interest being deferred until redemption.
The product is available up to £1m with a maximum loan-to-value of 70% and an early repayment charge free period of 12 months.
D’mitri Zaprzala, head of sales at Octopus Property, said: “Over the last two years our development borrowers have been using our bridge-to-let product to give themselves an exit from finance facilities that do not reflect where they have reached in the process.
“Having worked closely with our ever increasing client base to understand their needs, we are delighted to launch this cleaner development exit product, which will give developers significantly more favourable terms for up to 12 months whilst they sell their properties.
“We continue to identify new opportunities to provide competitive and flexible senior development finance to a range of borrowers and this development exit product will offer both new and existing customers a favourable solution to best match their requirements.”