Dragonfly Property Finance had made two changes to its development product range.

The interest rate has been reduced to 10% p.a. from 11% p.a., while the the exit fee has been reduced from 2% to 1% of the loan facility.

The lender recently announced three new appointments.

Mark Posniak, managing director of Dragonfly Property Finance, said: “These competitive updates to our development products, and the creation of a dedicated in-house team to even better support our introducers, underline the massive appetite we have to grow this area of our business.

“Our goal to significantly boost our development book reinforces Dragonfly’s evolution from a bridging lender to one with a much broader, market-wide remit.”