West One launches into development finance
West One Loans launched into development finance today.
The lender is offering loan sizes between £1m and £7.5m with terms up to 24 months.
The product has rates between 7% and 10%.
Stephen Wasserman, managing director, said: “West One’s development finance is designed with small developers in mind who are underserved by high street and private banks.
“It can be used for greenfield, new build residential developments or brownfield major renovations and conversions.”
Products have an initial loan-to-value up to 70%, loan-to-cost up to 85% and loan-to-gross development value up to 65% LTV.
West One launched into second charge last year.
Wasserman added: “Small and medium-sized developers often find funding their projects to be a headache.
“Without established relationships at private banks or on the high street, with insufficient equity or simply with projects outside the South East of England, getting finance agreed is often a challenge.
“Our underwriting is renowned for considering each case on its merits, offering a bespoke approach to assessing individual borrowing requirements.
“The launch of our development finance range is a natural extension of that and is designed around the challenges many of our existing bridging borrowers face.”