BFS launches <£1m development finance product

BFS launches <£1m development finance product

Bridging Finance Solutions (BFS) has launched a bespoke product catering for loans at a value of below £1 million.

John Hardman (pictured), head of sales at Bridging Finance Solutions, said: “For many lenders, the sheer bureaucracy that surrounds a development facility means that lower value loans don’t naturally hold much appeal and in fact many companies simply won’t lend at the sub £1m threshold.

“BFS, however, is keen to work with this market.  We’ve invested heavily in terms of technology and procedures to ensure the process runs smoothly and ultimately is workable regardless of value. We have taken a similar approach in terms of geography and work predominately with customers in the north – again a trend that veers away from wider industry trends.

“The sub £1m property development market has been routinely forgotten by the high street banks since 2010, as they seek to redress their balance sheets with ‘short cut’ big ticket deals of £5 million and beyond, and in its wake has been left a plethora of opportunity for both inexperienced and time served property developers.

“This market has increased steadily and is currently accounting for a growing share of our loan book year on year. I would definitely put this down to our ability to deliver outstanding knowledge and a premier level of service for our clients at every stage of what can be a difficult journey.

“This really isn’t an off the shelf product but will be bespoke to each individual according to their needs. BFS have a demonstrable track record in creating unique funding solutions and this is reflected in the number of repeat clients we have and I believe with this new product, were set to attract and welcome many more.”