"These are uniquely challenging times for developers large and small and together with our broker partners we are committed to providing them with the most competitive, flexible products"
Development and bridging lender Pivot, has enhanced its heavy refurbishment and ground up development range.
LTGDVs and Day One maximum LTVs are now available up to 70%, from 65%, while LTCs have increased from 85% to 90%.
Rates start from 0.69% pm on heavy refurbishment loans and from 0.79% on ground up schemes with no exit fees.
Pivot will consider loans from £500,000 to £10m (more by exception) across England and Wales, including to first-time developers or those looking to move up in scale/nature.
As part of its criteria, Pivot has no minimum or maximum unit size, are experienced funders of airspace developments, treat internal works including the removal of walls as non-structural, and will allow developers to recycle sales income towards future drawdown costs where cashflows and the scheme merits this.
Shahil Kotecha, CEO of Pivot, said: “We are continually looking to refine and enhance all of our products and with these latest changes our development proposition is now stronger than it’s ever been before. These are uniquely challenging times for developers large and small and together with our broker partners we are committed to providing them with the most competitive, flexible products and the high levels of service they have come to expect. Together we can build our way to success.”