Spring Finance has launched its development finance division.
The specialist lender’s product range includes ground-up development finance for new build sites as well as a light development finance product to fund conversions, change of use, completion of yet-to-be-finished sites and home extension projects.
All products are available for both the Financial Conduct Authority (FCA) regulated and non-regulated loans.
Spring is targeting small- to medium-sized enterprise (SME) developers, self-build and the home extension market.
Day one funding is available up to 60% of gross development value (GDV) on ground-up projects, and up to 65% of GDV on light development cases.
Both products offer funding for 100% of the cost of work with loans available from £100k to £2m. All products have no exit charges.
To support this product launch Spring has recently recruited Emmanuel Johnson as underwriting manager for development finance.
Johnson brings with him a wealth of experience and energy from working with high street banks and specialist lenders.
He will be working alongside the director of bridging and development finance Claire Newman to launch this new product and continue the build out of the development finance team.
Newman comments: “Our development product will enable us to support our brokers and their clients in particular with regulated self-build schemes which are underserved in the market. Emmanuel is a great addition to the team and with him on board we look forward to growing the development side of the business over the coming months.”
