Specialist development lender to relaunch
A specialist residential lender is set to relaunch its presence into the development finance sector, after pulling out of the market when the property market crashed in 2007
A specialist residential lender is set to relaunch its presence back into the development finance sector, after pulling out of the market when the property market crashed in 2007.
The lender, Moody Venture Capital (MVC), is looking to break back into the market with the relaunch of its development finance product, which aims to plug the post £1 million funding gap.
MVC offers loans of up to 65 per cent of GDV which equates to approximately 80 per cent of total costs – with all construction and fees covered within the overall loan.
A self-funded lender, MVC has been in operation for over 10 years and is part of the Moody Group, a highly successful house building business with experience exceeding 60 years.
MVC, based in Essex, was set up in 2001 to financially assist builders and developers who lacked financial means to undertake residential development projects.
Speaking on the ethos of the company, Barrie Palmer, Financial Executive at Moody Venture Capital, said: “We are an established funding operation with considerable experience in the residential construction sector, looking to maximise in-house funds for property development.”
The lender offers principle decisions within 48 hours of enquiry, together with highly competitive terms. Speaking on the Company moving forward, Barrie continued: “Our intention is to increase our market presence with a strong client base of ambitious developers and builders and provide easily accessible residential development finance.”