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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Investec launches 10-year BTL fixed rate product
Investec Private Bank has developed a 10-year buy-to-let fixed rate product...
Redwood Bank bolsters lending and credit teams
Redwood Bank has strengthened its lending and credit teams after appointing five new specialists...
Monese introduces student account
Monese has launched a student account for international and domestic students...
Tide secures £8m of funding
Tide has received £8m of new funding as it plans to move into its next stage of growth...
Starling Bank introduces personal loan products
Starling Bank has launched its first personal loan products offering up to £5,000...
Industry reacts to bank service league tables
Earlier this week, the Competition and Markets Authority (CMA) released the survey results ranking banks on their quality of service...
So you've signed up to the Women in Finance Charter – what now?
In July, it was revealed that 272 companies had signed up to HM Treasury’s Women in Finance Charter, covering over 760,000 financial services employees in the UK...
OakNorth completes its largest deal to date
OakNorth has completed its largest deal to date with a £40.2m property investment loan to Select Property Group...
Industry predicts the future of banking
Banking is forever evolving, with new entrants to the market and modern technology being introduced on a regular basis...
Triodos Bank provides £7m facility to First Choice Housing Association
Triodos Bank has provided £7m of funding to First Choice Housing Association (FCHA), which provides accommodation for vulnerable people across Wales and Shropshire...
The role of banks in the smart city
Smart city is a great buzzword. The term envisages a city where information and communication technologies like ‘the internet of things’ are connected to enhance the quality and performance of urban cities and thus urban living itself...