You may have been unfortunate enough to be expecting development finance from the Peer to Peer lender, Funding Circle.
By now, you should have heard that they are no longer willing to fund developers or their projects. In fact, they are pulling out of property completely.
This could leave you with a problem – where do you turn now, particularly if you are on a tight deadline?
The good news is that I can still help and have a panel of lenders that are ready, willing and able to step in to fund you and your project.
Even if you are in the planning stages and have time on your side, it is worth having a conversation about your next project.
The last few years has seen a stack of new lenders entering the market, which on the face of it is good news for borrowers. More choice, more competition which drives down the cost of loans.
The problem with that is most of these lenders are bridging loan specialists, not development lenders. Their product can be fantastic for certain circumstances but not ideal for building projects. I can only assume that as time passes and they realise how much work is required, looking after a build loan, that more of them will pull out.
I only work with lenders that are committed to development and have a track record of funding projects like yours.
To discuss your next finance options, give me, Tim a call on 01492 233 999. To send me an email the best address is firstname.lastname@example.org.