Masthaven Finance has announced a series of rate reductions across its development finance proposition, aimed at improving deal viability across a range of developer scenarios.
For light development cases covering large-scale extensions and changes of use from commercial to residential, the lender has reduced rates to 1.04% per month, improving affordability for smaller and mid-scale development schemes.
For professional development aimed at SME developers, Masthaven Finance now offers reduced pricing of 1.09% per month, with up to 100% of build costs covered. Regulated self-build has been reduced to 1.14% with no exit fees, while the development exit product is priced at 0.89% per month up to 70% loan-to-gross-development-value. No exit fees apply to any product.
These development finance changes follow recent bridging loan rate reductions announced by the lender earlier this week.
"Each rate adjustment has been made where pricing has the greatest impact on deal flow, whether that's during the build or at the point of exit," said Emmanuel Johnson, head of development finance at Masthaven Finance (pictured).
"With competitive prices and robust underwriting, Masthaven Finance is well-positioned to support as many projects as possible in what we believe will be an important year for developments in the UK."
Johnson added that the company has been deliberate in where it has made changes. "We've been very deliberate in where we have made changes, ensuring brokers can deliver stronger outcomes for their developer clients without compromising on certainty or service," he said.
