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Products
General Lending Criteria:
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Focus on residential new build and conversion/ refurbishment projects.
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For onward sale or refinance by 3rd party if to be let.
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Corporate borrowers, ie SME developers / contractors.
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No adverse credit history.
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Track record of 2 completed and sold schemes as a minimum.
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All parts of Southern England and London suburbs.
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Subject to satisfactory due diligence.
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Planning gain recognised to reduce Borrower cash equity injection day 1.
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Loan funded on a cost to complete basis.
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Build costs drawn on monthly basis in arrears against Project Monitor sign off.
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Security via 1st legal charges only, with step in rights over professional warranties and build contract.
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Limited PG’s (normally capped at 10% of Loan), debenture over borrower SPV (as appropriate).
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Key features of both development and bridging loans provided below. Note that these are for guidance only.
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WDC may consider other lending scenarios that fall outside these criteria on an exceptional basis.
Key Features of Development & Refurbishment Loans:
(Only on sites or houses with detailed consent in place):
Key Features of Bridging Loans:
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Intended to be used to acquire existing residential housing stock, or sites with potential for residential consent day 1.
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Existing residential properties to be sold within a matter of months, usually after implementation of active management angles (ie consent for extension to enhance value).
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If a site has no consent day 1, then a bridging loan is only available if the subject site is situated within an area zoned for residential usage; WDC valuers to be reasonably satisfied that outline consent for a specific residential scheme will be granted.
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Lending on existing use value only.
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Guarantees to cover any interest shortfall.
Process Timeline (Indicative)
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