Saxon Trust launches two new development exit products

Rates start at 0.57% pm on the Market & Sell product, allowing developers to reduce the cost of their existing development funding whilst avoiding extension fees.

Meanwhile, the new Finish & Sell product enables developers to reduce the cost of their finance as soon as their projects reach a wind and watertight stage, with rates starting at 0.79% pm. This is particularly useful if the developer has experienced unforeseen delays, perhaps due to unprecedented issues such as those caused by the Covid pandemic.

Existing clients will automatically transition from stretch development lending rates to the Finish & Sell and in time Market & Sell products on a ‘fee free’ basis, meaning rate reductions of over 40bps.

Loan sizes are available from £100k to £5m, terms from 3-18 months and all internal product transfers are fee free.

Stuart Munden, head of credit and risk at Saxon Trust, commented: “Developers have endured a challenging period over the last two years. Whilst there are some risks they simply can’t mitigate; these new products give them the control and time to ensure they can complete and sell their units in an orderly fashion.”

Brian West, head of sales at Saxon Trust, added: “As a lender we are always looking to introduce genuinely innovative product ideas. With our existing borrowers already enjoying the benefits of ‘fee free’ product transfers we look forward to introducing many new developers to the same opportunities.”