Finisher Facility

Due to the pandemic, lockdowns and market supply conditions, you are likely to have clients who need an injection of funds to complete existing Residential Development sites.

You know the cost and time of transferring the existing Development Finance to a new provider for these funds will be prohibitive.

We know your clients need the flexibility of drawing the required funds to complete the units, as and when they need them, within days not weeks. And we know they only want to pay interest on the funds used for the time they were borrowed.

Which is why we have designed the ‘Finisher Facility’. It is the perfect solution for your clients and is based on the support we are already providing for developers across the UK.

Key Features

  • Secured against existing unencumbered Residential asset(s) –
    facility up to 70% of OMV
  • Semi-commercial – facility up to 60% of OMV (defined as at least
    50%+ footage residential)
  • Funds can be drawn down or repaid at any time and multiple
    times during the 12-month facility period.
  • Facility limits £250,000 to £1,000,000
    Rates Typically 0.99% monthly (only charged on funds in use)
  • Fees in 2% of Gross Loan facility.
  • Rapid drawdowns from £25,000 to £1m within 24/48 hours.
  • 12 month facility.
  • No exit Fees.
  • No admin Fees.
  • No Non-Utilisation Fees

Designed for developers

The ‘Finisher Facility’ is set up by securing a 1st charge against existing unencumbered residential or Semi-commercial asset(s) and typically takes 2 to 3 weeks to set up.

We do not require Development Valuations of existing part completed sites or QS appraisals for stage releases.

The cash flow realised from the sale of the completed house/flat (if not used to repay the existing development finance) can then be used to pay down your Finisher Facility, thus reducing interest costs!

There are no administration fees and no Non-Utilisation fees, so your client literally only pays interest on the funds they drawdown, for the period they use them – a bit like an overdraft. To assist with your all important cash flow, all interest is rolled up within the 12-month facility. This flexible facility will meet your clients’ exact needs, instilling confidence with a 12-month agreement that can be extended for a further 12 months without the need for additional valuations – if we are all content with how the facility is being operated. The ‘Finisher Facility’ does exactly what it says, it finishes off development projects

Finisher facility

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