Specialist bank Aldermore has more than doubled the size of its maximum property development loan from £10m to £25m.
The announcement follows increased demand from developers seeking funding through tailored financing facilities, and the bank’s strategy to further increase its support for SME housebuilders in 2018.
Since 2012, the bank’s property development division has helped SME developers to build over 5,000 homes.
The new maximum will enable SME developers to get the financial support to assist them in meeting the rising demand for new homes across the UK.
Simon Knowles, head of property development at Aldermore, said: “We have seen a growing demand from existing and new customers for larger loan limits and we are delighted to provide them with a significant increase with immediate effect.
“Alongside this, our personalised underwriting service will continue to ensure that our customers receive tailored support to suit their individual needs.
“It is vital that banks offer the necessary financing to SME developers to help them meet the growing demand for new properties and tackle the significant housing shortage in the UK, and Aldermore is very much committed to playing its part.”
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