Pivot lowers rates following management buyout

Pivot has reduced its interest rates by 200 bps, with its bridging and development finance now starting from 6% per annum above Bank of England base rate.

Since its management buyout in February this year, backed by Foresight Group, Pivot has broadened its lending offering, expanding into commercial development finance and reducing pricing across its loan products throughout England, Scotland and Wales.

Loan sizes range from £2m to £15m with terms of up to three years, supporting developers and investors with funding to acquire, build, and stabilise throughout the various stages of their property plans.

Residential development finance is available up to 70% LTGDV and 90% LTC, while commercial development finance is offered up to 65% LTGDV and 85% LTC.

Borrowers can access development exit and stabilisation finance up to 70% LTV and residential bridging up to 75% LTV.

Commercial bridging is available up to 65% LTV.

Shahil Kotecha, Pivot CEO (pictured above), commented: “We’ve been working hard behind the scenes to make our offering as competitive as possible, while still reflecting the specialist nature of our lending proposition.

“Simplifying our rate model allows us to invite more conversations about interesting assets and funding scenarios that we have a strong appetite to support.

“Our intention is to ensure that our products are accessible and that we are actively supporting SME developers and investors throughout the country, leveraging our market-leading expertise and flexibility of funding.”