Development Angel sent to help developers within the M25

Development Angel sent to help developers within the M25


Specialist short-term lender Omni Capital announces the launch of ‘Development Angel ‘ – a liquidity-providing solution for development professionals in need of additional funding, or time, to complete stalled building of prime-site residential projects.

The product will be available to projects located within the M25 area only and, owing to the low interest rate of 1.5 per cent per month which is retained and payable at the end of the term, will only be available to experienced developers.

LTVs of up to 70 per cent of the current value of the legal charge will be offered as part of this product and may be obtained as a first or second charge. However crucially, the development projects must be 65 per cent complete and be considered ‘watertight’.

The minimum loan offered is £100,000 with no maximum as funding will be guaranteed by a substantial source.  The Development Angel is offered for periods from 1 month to 24 months and staged payments are available drawn-down to the maximum LTV.

Colin Sanders, Chief Executive Officer of Omni Capital, said: “Since re-launching Omni Capital’s broker-facing proposition in September, we have become aware of high demand from frustrated developers for a liquidity-injecting product.

“Too many of these highly-experienced professionals find themselves caught in a stalemate position as banks and investors withdraw funding. Omni Capital’s Development Angel is designed to fill this gap by providing the cash necessary to finish the job.

“Our financing can be totally flexible in structure, and could be used to fund completion of developments currently in receivership, or where a rapid solution is needed to avoid senior debt expiry.

“Our message to brokers is clear: we want to be introduced to your clients who are experienced developers with proven track records and viable projects.”

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