Main high street lending for small building projects is difficult to achieve and when it is, the total costs are high. Whilst the rate to the client quoted was 5.5% above base, with the arrangement fees, exit fees early settlement penalties plus legal costs in taking security, the final costs were more like 10 - 11%.
On behalf of Savants, a business services professional firm, I have created a panel of lenders who can keep the overall costs significantly lower than the main stream high street banks. This is achieved through a range of products , the content of which is continually expanding and since writing the article now extends to plant and machinery financing both construction and agricultural.
In particular, it is also interesting to note the demand for rural locations is a trend which started pre-pandemic, has accelerated during the pandemic and is likely to remain sustainable post pandemic, reflecting opportunities for smaller developers to take advantage of the excess demand over supply.
I am interested in reaching out to the construction sector and professional firms who may have clients and developers alike with financing needs. Please feel free to call me at any time to discuss further. – 07803 605 751
Many thanks
Ian French
During the last 30 years I have been providing transformational change and supporting growth plans for a range of businesses from SME’s through to PLC’s.
