Peer-to-peer lender Funding Circle is set to offer loans designed to help smaller developers and investors get their projects off the ground.
The Guardian reported on 12 January that Funding Circle intended to start offering loans of between £100,000 and £3 million to professional developers to build or refurbish property, with the intention of selling it on after completion, by April.
James Meekings, one of Funding Circle’s founders, said the company could provide “a faster and better” service to the sector than banks.
In November, Funding Circle said it was also looking into making other types of property finance available, including residential buy-to-let finance, commercial mortgage finance and commercial buy-to-let finance.
The Funding Circle move may bring more developers onto the market, who will then be looking for conveyancing support as they sell their properties on. The Palmers property team can provide expert commercial property and conveyancing services as part of our comprehensive advice and support to property developers and investors.