Wellesley Finance will lend over £500m on Bridging and Development in 2016
After an exceptionally successful 2015, Wellesley Finance are planning to lend over £500m in 2016 in the form of bridging and development finance to Property Traders, Investors and Developers.
The bridging loans will be a blend of vanilla purchase and refinance combined with innovative refurbishment and conversion loans. We will also consider commercial bridging for experienced customers.
Development finance will be focused on residential and semi-commercial schemes.
Property purchase – Short term finance
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We lend on a first and second charge basis, throughout England and Wales to Property Traders, Developers and Investors who need short term finance.
- Valuation - we are able to offer strong advances as we lend on Open Market Value with no restrictions for marketing period.
- Our pricing is keen but it’s our high level of service and technical ability that wins us the business.
- Flexibility - We are happy to lend on residential property (non -owner occupation) HMO's, Semi Commercial and land with outline planning as long as we can establish a realistic exit route.
- Our customers range from high net worth individuals to Ltd Companies, SPVs, Ex Pats, Foreign Nationals and offshore trusts. We are highly flexible as our staff have the strong technical experience to structure deals which are right for both the customer and for us.
- Funding – we have a range of funding sources, from Investors, Own Funds and Institutional lines so we are here to stay and have significant growth ambitions.
Refurbishment & Renovation Projects
Our refurbishment product is genuinely market leading. Customers can either fund the cost of works themselves and we will release part of the additional value to them (at 0.85%pm on a first charge at 75% LTV); or alternatively we have a specialist refurbishment product which facilitates a 75% advance day one, with 100% of costs (subject to 75% of end value). It’s ideal for projects where the customer is looking to extend the footprint of the property. Clearly we charge slightly more to reflect the risk but at only 1.1% pm this product has been extremely well received.
- We genuinely welcome refurbishment, extensions and even small conversion projects; we have the technical ability to complete these on a simple short term facility, quickly efficiently and at market leading rates.
Development Finance and large conversions:
- We will advance up to 75% of valuation day one for new builds and conversions and fund up to 90% of costs (subject to 75% of GDV).
- We support a high number of London clients, however we are not London Centric and actively seek to diversify our loan book by lending to all regions of England and Wales. We are equally comfortable supporting a new build in Durham, as we are a conversion in Kensington or Semi Commercial project in Birmingham.
- We don't charge exit fees and we treat clients fairly.
- Professionals - We use a wide panel of accredited solicitors, valuers, QS firms and structural engineers who act quickly and efficiently. To date we have received excellent service from the professionals firms we use.
- We really value ‘experience’ and are realistic enough to understand that some excellent Developers had a hard time during the property crash – we can be flexible for the right team and project.
Deal Size
- On Bridging, we lend from £250,000 to £5,000,000
- On Development, we lend from £1,500,000 to £20,000,000
- We will consider lower advances at a higher return or if there is an opportunity for repeat business.
Quotations/AIP
For enquiries on straight forward purchase or refinance call our bridging team on 0800 888 6003, or email bridging@wellesley.co.uk . We will respond with a decision in principle within 5 working hours.
For Refurbishments, Conversions or Developments; or anything which needs talking through, feel free to give me a call directly on 07572 317846 or email an overview and I’ll be happy to review for you.
Peter Hudson BA (Hons) Econs
Regional Development Manager
07572 317846
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