We work with developers of all different sizes and experience. Whether you are a first time developer or an experienced player undertaking a large project – we can help find the right solution.
This depends on the nature of the project, its profitability and your background and experience. It will also depend on your appetite for risk and how much you are willing to pay for funds. We can structure deals – including subordinated debt – at up to 90% of the total project costs and if you have other sources of asset security this could even be as high as 100%.
We can also access funding on a joint venture basis when a developer has no cash to put in but has a viable project and a strong track record – where profits are shared with the finance provider.
This generally depends on the amount you wish to borrow but rates can start from less than 6% per annum for lower risk projects and will generally be related to the loan to value (LTV) of the project. Our broad market access and relationships mean we can find attractive financing for the right deals.
It is usually necessary for the property, the project Gross Developed Value (GDV) and all development/construction costs to be independently assessed prior to the loan facility being formally approved. These valuations and professional services, as well as legal costs are expenses of the borrower. If you are drawing down the loan in several tranches (as the project develops) further valuation costs may apply.
Our lenders can provide decisions very quickly (often in a day or two) so the valuation and other advisors usually drive the timing. We can work with you to select the right advisers and to ensure the lenders have everything they need to.
No – we work with lenders who will consider lending on a second or even a third charge basis. What matters is the nature of the project, the quality and value of the security and the LTV. Consent will often be required from existing security holders.
Short-term loans or 'Bridging finance' is typically secured on either a first or second charge basis on an asset with a readily realisable value.
This may be:
We can arrange finance for anything from £10,000 to £25 million.
It depends on the complexity but funds could be in your bank account in 48 hours or less if other professionals (such as valuers can be lined up).
Set up fees will generally be 1-3% of the loan amount and interest rates typically range from 6-18% depending on the asset type, your credit history and so on. Rates have been improving over time as the market becomes more competitive so please get in touch to discuss the best terms available.
Yes – interest only loans are available
Yes – we can access facilities where the interest is rolled up and paid at the end of the loan
An 'open' bridging loan is a loan where the exit or repayment method is known but not yet fully formalised (e.g. the sale of a property which is currently being marketed). A 'closed' bridging loan is a loan where the exit or repayment method is fully finalised (e.g. the sale of a property where an exchange of contracts has taken place).
Aben Financial is a trading name of Boyd Wallis Ltd - a company registered in England & Wales (co. registration number 10494769). Boyd Wallis Ltd (reference number 766411) acting as Credit Brokers, not lender, are Appointed Representatives of White Rose Finance Group Ltd (reference number: 630772) Authorised and Regulated by the Financial Conduct Authority.
Boyd Wallis Ltd is registered with the Information Commissioner’s Officer (ref: ZA226349)
PLEASE MAKE BORROWING DECISIONS CAREFULLY AS PROPERTY OR OTHER ASSETS OFFERED AS SECURITY MAY BE AT RISK IF YOU CANNOT KEEP UP WITH REPAYMENTS
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