This brand new development exit finance product enables borrowers who are in a position where their completed residential development (with new build warranty), which is prepared for sale, to switch to a short-term, lower-cost funding option.
The purpose of the product is to provide the borrower with additional time and to relieve any pressure to pay outstanding capital back to the lender if they are unable to do so on time. Borrowers with all credit profiles will be considered for this product.
The minimum loan amount on this product is £150k and goes up to a maximum of £5m and is available solely on residential property developments with a maximum of 15 units (higher by referral). Loan terms are from 3 – 18 months and this product is designed to be flexible around the needs and circumstances of the borrower and their project(s).
The development exit loan is available on a deducted basis with a 3 month minimum term. For borrowers who wish to service the loan or use the Hope FleXi feature, this is on a referral basis only.