London Credit has introduced a pilot for its development finance offering, aiming to refine its services for a full-scale launch.
- The pilot initiative covers financing up to 70% loan-to-gross-development-value (LTGDV) for a selective number of schemes.
- Jake McCausland leads London Credit’s expansion into development lending, having been recruited earlier this year.
- The initial phase focuses on ensuring the new lending proposition aligns with the needs of brokers and their clients.
- London Credit continues to offer bridging loans from £100,000 to £3.5m with varying terms.
In a strategic move to introduce a robust development finance offering, London Credit has launched a pilot programme designed to refine their service proposition. This initiative is targeted at providing finance coverage up to 70% of the loan-to-gross-development-value (LTGDV) on selected schemes. Such a targeted approach allows London Credit to fine-tune its lending processes and enhance the overall service experience before a broader market launch.
Key to this expansion is Jake McCausland, who was recruited earlier in the year to spearhead this significant shift into development lending. With a deep understanding of the intricacies involved in such finance strategies, McCausland is focused on ensuring that the product meets the specific requirements of property developers. His leadership is crucial as London Credit moves through this important phase of development finance.
The initial rollout involves a controlled provision of financing, ensuring that the lending model adequately satisfies the complex demands of both brokers and clients. This deliberate approach underscores London Credit’s commitment to delivering a thoroughly vetted and reliable finance product. By concentrating efforts on a limited number of schemes, the company aims to perfect its offerings before rolling it out across the entire broker market.
London Credit’s existing portfolio, offering bridging loans ranging from £100,000 to £3.5m, continues to serve the needs of residential, commercial, and semi-commercial properties primarily in London, the South East, and major cities. These offerings come with variable terms extending from three to eighteen months, providing a flexible yet structured financial product for diverse needs.
According to McCausland, “At London Credit, we understand that development finance is a very specialist area of lending and it’s important to ensure both product and processes are built to meet the specific needs of developers.” This reflects a broader ambition to engage with the market in a calculated and resourceful manner, ensuring readiness for a gradual, full-scale launch.
London Credit’s piloting of development finance marks a pivotal step in its expansion strategy, demonstrating a commitment to tailored financial solutions.
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