Mayfair Bridging launches development product

Mayfair Bridging has launched a new development product for the first time in its history after attaining increased funding lines.

The product was launched last week and the lender has already received quality enquiries with a pipeline of £6 million of development deals now in place.

Yasin Patel, Director of Mayfair Bridging, told B&C: “The enquiries have been streaming in since we launched the product. We will look to complete between £1.5 million and £2 million off development loans by the end of next week, which is a great start to a new product.

“We had never been involved in development loans, however we have always closely monitored this area and now have a real appetite to lend in this space.”

Criteria:

-    Maximum loan size is £3 million;
-    GDV up to 70 per cent;
-    Rates start at 1.25 per cent;
-    Available for England & Wales; and
-    Maximum term 12 months.

Yasin added: “We have bolstered our ranks internally and also within our sales team, with individuals with huge amounts of development experience and backgrounds, so have coincided our launch with our internal strength and our growth plans.”

“I’d like to stress that this product is only for up to 12 months, any longer than that and it's not classed as a bridging loan.”