Precise Mortgages, part of the OSB Group, has introduced their developer exit products to the market with LTVs of 70% or 75%.
These products could help to support brokers with:
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Experienced developers with a residential development that has reached practical completion, with the benefit of all consents and a warranty or PCC
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Capital raising on an unencumbered development to either allow the applicant to move to their next project or to provide funds to complete the project before selling or refinancing
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We can also consider the following schemes, up to and including*:
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Single properties valued at £2million or more
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Multi-unit schemes where there are 10 or more units
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Total value £5million or more
The newly created Bridging team brings together experienced colleagues with a breadth of developer exit knowledge and expertise. Alongside this team there is also in-house underwriters and real estate who can be involved from the start of cases to help foresee challenges and support throughout the journey.
Marc Callaghan, Head of Specialist Finance, OSB Group, said “We are extremely pleased to bringing developer exit products into the Precise Mortgages offering. These products are perfectly suited for those already using a Precise Mortgages bridging product who are looking to transfer over to a long-term solution. However, our award-winning service and competitive rates also make this range attractive to any brokers with bridging customers looking to convert over to a longer-term finance.
Amadeus Wilson, ROLE, SPF Private Clients, added“
FOR INTERMEDIARIES ONLY
*A new homes warranty from one of the Group’s accepted warranty providers or Professional Consultants Certificate (PCC) must be provided at completion.