Development finance lender Magnet Capital has unveiled a series of changes to its product offering, increasing both the size and scope of its proposition.
Effective immediately, brokers will be able to access up to 100% of development costs, including professional fees, while the maximum day one loan amount has risen to 70% loan-to-value.
The lender has also increased its loan size range, now offering facilities between £250,000 and £4 million, and will lend up to 65% of the gross development value.
In a further change, schemes of up to 20 units are now eligible, reflecting what the lender describes as a growing appetite for flexibility among developers working at the smaller end of the market.
Sam Howard (pictured), chief executive of Magnet Capital, said the revised terms had been introduced to reflect the changing demands of the sector and to help brokers more effectively support their clients.
“The updated criteria reflect our ongoing commitment to supporting SME housebuilders across the UK. By giving brokers the tools they need to better help their clients, especially in a market where timing, certainty, and cashflow are everything,” he said.
