West One launches into development finance

Loan sizes will be available from £1m to £7.5m with LTVs of up to 70% and terms of up to 24 months.

West One will offer loan-to-cost up to 85% and loan-to-GDV up to 65%.

Finance will cover up to 100% of build costs and up to 30 units of up to £1.5m value per unit.

The new range follows West One's move into second charge mortgage lending in 2017.

Stephen Wasserman, managing director of West One Loans, commented: “West One’s Development Finance is designed with small developers in mind who are underserved by High Street and private banks. It can be used for greenfield, new build residential developments or brownfield major renovations and conversions.

"Small and medium-sized developers often find funding their projects to be a headache. Without established relationships at private banks or on the High Street, with insufficient equity or simply with projects outside the South East of England, getting finance agreed is often a challenge.

"Our underwriting is renowned for considering each case on its merits, offering a bespoke approach to assessing individual borrowing requirements. The launch of our development finance range is a natural extension of that and is designed around the challenges many of our existing bridging borrowers face.”