Octopus Property has launched a lower priced development finance product as it continues to expand its residential development lending range.
The product is priced at 0.54% per month for loans up to 60% loan-to-gross development value (LTGDV) with an exit fee of 1%. The exit fee is charged on the gross facility amount.
The other property development finance products on offer include a 65% LTGDV with rates frin 0.66%pm, and a 70% LTGDV with rates from 0.83%pm.
Emma Burke, head of development origination at Octopus Property, said: “We’re delighted to be expanding our existing range to more comprehensively cover the mainstream development finance market.
“Having done repeat business with over 80% of our existing clients, we are better placed than ever to meet the growing demand from both new and existing clients for our range of development products.”
Mario Berti, head of Octopus Property, added: “This new product further supports our position as the industry’s leading lifecycle lender.
“We’ve always been firm supporters of the residential development sector and feel it is the right time to broaden our range.”