Senior debt is a first charge development finance loan that would typically make up the majority of the funds required to complete a property development project. Senior debt is the cheapest form of development finance, particularly where the borrower can provide a significant amount of cash towards the land or property purchase.
Key Features
Up to 65% of GDV or 80% of project costs
Adverse credit options considered
Up to 36 months
Loans from £100K to £100M
Residential commercial mixed use
Interest rates from 4% per annum
UK coverage
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Residential developments are preferred by most lenders, but there are options for mixed use, commercial, student accommodation, leisure, care home and industrial developments, countrywide.
What is the Senior Debt lending criteria?
Lenders will only consider first charge over the asset. The greater the development experience from the borrower gives access to cheaper rates. Multi-unit schemes are preferred, but single units can be considered. Adverse credit can be considered and detailed planning consent must be granted prior to the deploying any funds from the lender. Residential, mixed use, commercial, student, care home, industrial etc all considered.
Why Merryoaks?
The Merryoaks Property Finance team have a long and successful background in finding and providing creative financial solutions for property investors and developers throughout the UK. Our aim is to help you fund your next investment or development project and be part of your on-going growth to bigger and better deals.
