Saffron enhances SME development finance offering
Saffron Building Society has announced a revised development finance offering for SME developers.
"It became apparent that we needed to adjust our loan to cost percentage, so that is what we have done."
The specialist lending team will now lend up to 80% of costs, a jump from the previous 70%, or 65% of LTV – whichever is lower.
Currently, the lender provides funding for projects between £500,000 and £3m, with a term typically between 12 to 18 months.
Peter Owen, head of property development at Saffron Building Society, commented: "I am delighted to announce the changes to our offering. We work extremely closely with our developer partners and have listened to their feedback.
"It became apparent that we needed to adjust our loan to cost percentage, so that is what we have done. This announcement, I am pleased to say, brings us in line with other lenders in the market."
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