London Credit has launched a pilot of its development finance offering, up to 70% loan-to-gross-development-value (LTGDV), which it will use to refine the proposition ahead of a full launch.
Earlier this year, London Credit recruited Jake McCausland to lead its planned expansion into development lending, which commenced its first stage with the pilot.
As part of the pilot, London Credit will provide finance on a small number of schemes to refine its lending and service proposition and ensure it meets the needs of brokers and their clients before a controlled launch to the whole broker market.
London Credit currently provides bridging loans from £100,000 to £3.5m on residential, commercial and semi-commercial properties in London, the South East and major cities, with terms from 3- to 18-months.
McCausland said: “At London Credit, we understand that development finance is a very specialist area of lending and it’s important to ensure both product and processes are built to meet the specific needs of developers.
“With this in mind, we are launching in a controlled way to ensure we are completely happy with our proposition before rolling it out more widely.
“We look forward to the next stage of our launch in the coming months and helping brokers to deliver new funding options to their developer clients.”
