London Credit has embarked on a strategic pilot programme for its development finance offering, promising new opportunities for growth.
- The company seeks to provide up to 70% loan-to-gross-development-value (LTGDV) through the initial roll-out.
- Led by Jake McCausland, the initiative aims to address the specialised needs of developers and brokers.
- The current focus is on fine-tuning lending and service strategies to assure market readiness.
- Bridging loans from London Credit continue to support residential, commercial, and semi-commercial projects.
London Credit has initiated a carefully controlled pilot programme for its development finance offering, aiming to offer loans up to 70% loan-to-gross-development-value (LTGDV). This move is part of a strategic approach to refine the company’s service proposition before a broader market release.
The pilot programme is led by Jake McCausland, brought in earlier this year to spearhead London Credit’s expansion into the development finance sector. McCausland emphasises the importance of tailoring both product features and processes to meet the unique demands of developers, highlighting the company’s commitment to understanding the specialist nature of this lending area.
This initial phase involves financing a limited number of schemes, thereby allowing London Credit to critically assess and enhance its lending practices. The objective is to ensure that the financial products offered meet the precise requirements of brokers and their clients, thus paving the way for a future, more expansive launch.
Currently, London Credit is a provider of bridging loans, with offerings ranging from £100,000 to £3.5 million. These loans cover residential, commercial, and semi-commercial properties within London, the South East, and other major cities. The terms of these loans typically span periods from 3 to 18 months.
According to McCausland, the controlled nature of the rollout underscores London Credit’s dedication to customer satisfaction and market fit, with a view towards a comprehensive launch in the coming months. “We look forward to the next stage of our launch and helping brokers to deliver new funding options to their developer clients,” he remarked.
London Credit’s pilot is set to fine-tune its development finance service, ensuring readiness for a wider market release.
