Have the sales on your last development been delayed due to COVID?
Many property developers have experienced delays in the sales of their homes due to the COVID pandemic. But help is available. We have access to a lender accredited by the British Business Bank offering a unique product under CBILs. This loan is quite specialised and differs from the standard CBILs typically used for cash flow purposes. It is specifically designed to provide funding for Property Development Exits and as such will be secured on property. The capital repayments are taken from the sales of funded development units.
The features of this product are:
- 1st or 2nd charge security over the funded development
- Up to 75% loan to value (of all debt)
- Maximum loan size £500k
- 12 month payment holiday (no capital repayments for the first 12 months and the Government pays the first 12 months interest)
- Maximum 24 month term
To be eligible you would need to have been adversely impacted by COVID-19. There are other eligibility criteria so we invite you to contact us to see if you qualify and how much you might be able to borrow.
With CBILs applications having been extended by the Government until 31st March 2021 now is the time to act before funds run out.