Regentsmead launch development product
The lender, nearly 80 years old, has launched the ‘Exclusive Product’ on a trial basis until the end of the year due to it having a surplus of internal capital and a hunger to dramatically expand their loan book.
Regentsmead has also increased its loan to values and rebranded its Standard Product as the ‘Classic Product’ giving broker partners and borrowers the best choice in the market for their development projects.
Chief executive James Bloom said: “We are excited as the leading provider of development finance in the market to further enhance our status by offering market leading terms.
“We are self-funded and have a substantial surplus of available capital which we want to lend into the market.
“To gauge the substantial levels of interest we expect we are initially offering this new Exclusive Product until the end of the year when we will review the position.
“The Classic Product is still available but the Exclusive Product is now an alternative at market leading rates. We can now offer our award winning service at an interest rate of only 9% p.a. and we will also now offer increased loan to values.
“We are very bullish about the market and this exciting innovative product reflects our views and the substantial capital reserves we wish to lend into the market.
“We are still of course offering immediate decisions, funds within days and we will continue to collect our introducer partner’s commission for them and pay it at offer stage.
“We are already busy with new applications and we now expect to be inundated, we have cancelled all staff leave and told everyone to expect to be working seven days a week for the foreseeable future!”
Nick Warren, who heads the Regentsmead lending division, added: “Constant reviews of a product range are critical to ensure that our offering remains competitive within the market. We have now revamped not only our product range but also our loan to value.
“We feel that with these changes we can only enhance our leading position in the development finance market.”