Hodge is making changes to its residential development loans to include lending on the alternative residential asset class, including student accommodation and retirement living.
The lender says it is making the change following to demand from clients and brokers seeking funding in this asset class. Having been more tightly focused on pure residential development during the past two years, Hodge is now seeking to expand its reach and fund experienced developers across multiple asset classes.
Gareth Davies (pictured), Hodge’s head of development finance, said: “There is clearly demand for development funding in the alternative residential asset class and, given Hodge’s history and experience in this sector, it makes sense for us to expand our appetite across multiple asset classes.”
Hodge’s development finance loan has been created for experienced developers in England, Scotland and Wales with non-complex ownership structures.
The loan is available to limited companies, PLCs, LLPs, partnerships and individual borrowers affording leverage up to 80% LTC and 65% LTGDV.
It offers a maximum loan of £5 million and a minimum of £1 million, over a 24-month term.
