LendInvest has launched a new pre-construction finance product targeted at property professionals seeking to obtain or enhance planning permission.
The product is specially designed to support property investors in the primary stages of their development as they apply for and await planning permission. By offering a loan term of up to 18 months it provides the borrower with sufficient time to navigate planning, a process that can be unpredictable in duration.
Key features of the Pre-Construction Finance product include; interest charged at 1-1.5% per month, no exit fees, loans from £75k to £5m and maximum LTV of 65%.
Ian Thomas, chief investment officer at LendInvest, said: “There can be many hurdles when it comes to acquiring planning permission, so it will be a comfort for borrowers to know that they can rely on a finance product specially designed for what can be an uncertain time in the full development project. With pre-construction finance loans lasting up to 18 months, our borrowers will have enough time to deal with whatever issues they might come across without a ticking clock behind them.”