<
p>Bridging lender Goldentree Financial Services has expanded its range by introducing a land loan bridging product.
Goldentree Financial Services’unique product is seemingly a first in the industry facilitating lending on a land bridge with or without planning permission.
Simon Ismail, Business Development Manager at Goldentree, told B&C: “As far as we know, nobody else is doing this type of loan. Land only purchases are very difficult to fund, however, Goldentree has a common sense approach when assessing applications.
“Anyone can benefit from the product, from developers to landowners. What is important is that there is a clear and defined exit route. This could be by gaining planning permission then selling on or flipping to a development facility or simply acquiring land for strategic purposes to enhance a site value or use”.
Land Loan Criteria:
- 50 per cent LTP;
- Max term 12 months;
- 1st charge required;
- Clear route forward
Rates are flexible, dependent on the nature of the deal, but product pricing for a typical six-month term would include a 2 per cent arrangement fee, with 1.25 per cent interest per calendar month and a 1 per cent exit fee on the loan amount.
Goldentree has launched four other products in as many months, meaning the lender now offers a range of 12 products. The recent launchesare a Hunting Facility, a Joint Venture fund, a Refurbishment 90 product and also mezzanine finance.
Bridging lender Goldentree Financial Services has expanded its range by introducing a land loan bridging product.
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