Allica enhances development exit product following Budget

Allica Bank has enhanced its development exit bridging offering to support property developers with Your First Home opportunities.

Allica will now consider development exit finance for residential schemes over £2.5m comprising more than one unit, with pricing at 0.65% and a maximum LTV of 75%.

Applications will be considered on a case-by-case basis for developments delivering homes intended to meet the first time buyer criteria.

Applications for the new scheme are expected to open in February 2027, with the first property sales expected from April 2027.

Allica's offering, a maximum 24 month term with no exit fees, will allow developers to save money, create time and relieve pressure of funding deadlines.

Steve Palfreeman, head of sales – bridging finance at Allica Bank (pictured above), commented: "Yesterday's Budget is a real boost for property developers and it's encouraging to see renewed focus on getting more people onto the housing ladder. But we can't lose sight of the people actually building these homes.

“If we want to see more homes delivered, we need to make sure that brokers and the developers they serve have the financial backing to keep building.

"Our enhanced development exit offering gives developers greater flexibility and the confidence to plan their next steps so they can spend less time worrying about securing finance and more time doing what they do best — building homes for people who need them."