Hodge increases maximum lending amount from £5m to £10m for development finance
Hodge is doubling the maximum lending amount per single transaction across its existing range of development finance products from £5m to £10m.
The move, which is designed to open up additional funding opportunities for brokers and developers, applies to the following products:
- Development Finance – including residential, alternative residential, commercial and mixed use.
- Stretch Senior – additional development finance for experienced developers.
- Sales Bridge – short term funding for existing clients wishing to release equity towards the end of a project (which has been funded through the development phase by Hodge)
- Refurbishment Bridge – short term funding for non-structural property refurbishment projects.
Lending on Hodge’s Acquisition Bridge option will otherwise remain at £5m.
Kevin Beevers, managing director of commercial lending at Hodge, said: “Increasing the maximum loan amount available across our development finance products is going to open up a whole new range of opportunities for developers, as well as the brokers supporting them.
“We are fully committed to helping our clients and brokers achieve their property development ambitions and offering them the option to borrow up to £10m against a single development, while aligning with our residential and mixed use investment options where we already offer up to £10m, is now another way that Hodge is able to do just that.”
“This is fantastic news and we are looking forward to drawing on our long-standing experience in managing successful development deals at this level and supporting more developers with their property portfolios,” Kevin added.