Dragonfly cuts development loan costs
Short- and medium-term lender, Dragonfly Property Finance, part of the Octopus group, today announced two key updates to its development product range.
Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in C:\inetpub\wwwroot\2025.financialreporter.co.uk\htdocs\templates\front-end\partials\article_blockquote.php on line 2
The interest rate has been reduced to 10%pa (from 11%pa), and the exit fee has been reduced to 1% of the loan facility (previously 2%) - both effectively immediately. The changes come shortly after Dragonfly’s announcement that it has hired Emma Burke and Tim Phillips as Development Relationship Managers, and Uliana Kuzmis as a Credit Manager on development finance transactions.
Mark Posniak, Managing Director, Dragonfly Property Finance, commented:
“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.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Santander
Santander launches 98% LTV ‘My First Mortgage’
First-time Buyer
Improved affordability sparks 20% rise in first-time buyers: NationwideÂ
Inflation
Further rate cuts dampened as inflation rebounds to 3.4%
Mortgage Rates
Two Big Six lenders increase mortgage rates as swaps rise
Interest Rates
Looser Fed policy stance could slow further rate cuts, policymakers warn
Bank Of England
Bank of England holds interest rates at 3.75% in narrow 5-4 vote