Magnet Capital enhances development finance offering
The lender is introducing higher LTV limits and a new higher loan amount.
Magnet Capital has announced a series of enhancements to its development finance offering, including higher loan-to-value limits and a new higher loan amount.
From today, brokers can benefit from 100% of development costs, including professional fees, and a larger day one amount of 70% LTV.
Loans now range from £250,000 to £4 million, with a loan-to-gross development value (LTGDV) of up to 65%.
Additionally, projects can accommodate a maximum of 20 units, providing greater flexibility and opportunity for developers seeking comprehensive development financing solutions.
Earlier this year, Magnet Capital strengthened its team with the appointment of two new underwriters and a financial controller.
Sam Howard, CEO of Magnet Capital, said: “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.”
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