Assetz Capital has released products with lower pricing following the launch of its development finance rates, which start from 9.35% per annum.
The new rates are all less than 10% per annum and Assetz Capital has added them to support property developers working on town regeneration schemes and residential refurbishment.
This includes a development exit loan for residential schemes with rates starting from 9.5% per annum, for developers looking to maximise profits from a scheme as it enters the same of its final units.
There is also a residential refurbishment deal, with a rate starting at 9.75% per annum, for the conversion of existing properties.
Assetz Capital also has a planning assistance loan starting from 9.5% per annum for experienced developers to progress the conversion of commercial property to residential before full planning permission has been obtained.
Andrew Fraser, chief commercial officer at Assetz Capital, said: “We’re excited to bring these newly priced products to market now, complementing our sub-10% ground-up development finance rates, which have been warmly received by the market.
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“At Assetz Capital, we believe that both the refurbishment and urban regeneration markets are vital components in the government’s strategy to ‘get Britain building again’.
“The already large [number] of vacant commercial and business premises will likely grow as business continues to rationalise the commercial space it requires, while the use of city centre retail space continues to fall.”
Fraser added: “We also believe that many urban areas in decline, with empty offices and high streets, could have new life breathed into them through the conversion of empty and decaying spaces. This is an area we specialise in and have already helped many property developers in this sector.”
Ultimate Finance raises working capital cash flow loan
Ultimate Finance has increased the working capital cash flow loan size to £500,000.
The lender said the recent Budget had added pressures and cash flow challenges to SMEs, so it wanted to support businesses with more flexible and tailored lending solutions.
The cash flow loan sits alongside an invoice finance or structured finance facility, and it can be taken over a three-year term to be used for acquisitions, mergers, succession planning and other growth plans.
Josh Levy, chief executive of Ultimate Finance, said: “As we continue our mission to be the funding partner of choice and look to drive further growth in our loan book, this enhancement to our working capital proposition gives us an even greater ability to support SMEs with the liquidity they need. We look forward to working in partnership with our network of introducers and advisers to deliver this.
“Specialist lenders will continue to provide businesses with strategic funding options to fill the mainstream funding gaps, and this increase to our cash flow loan we know will be well-received by introducers and their clients.”
Ultimate Finance’s working capital finance proposition provides funding up to £7m and includes sector specialisms for construction and recruitment businesses, as well as a trade finance offering.
The lender can also provide up to £10m via a structured finance facility, a multi-asset solution where clients can borrow against a mix of receivables, plant and machinery or property.
