Spring Finance has recently officially announced the launch of its development finance division. This move signifies a pivotal step in the company’s expansion, as it diversifies its product range to meet the requirements of SME developers, self-builders, and individuals seeking to extend their homes.
The development finance division provides a variety of products, including ground-up development finance for new build sites and light development finance for conversions, change of use, completion of unfinished sites, and home extension projects. Notably, these products are available for both FCA regulated and non-regulated loans, with funding for 100% of the cost of works and loans ranging from £100,000 to £2m. Furthermore, all products are devoid of exit charges, providing clients with flexibility and convenience.
According to Claire Newman, the director of bridging and development finance, the decision to formally introduce the development finance division has been influenced by the improvement in property market conditions, declining base rates, and stabilising build costs. Newman also conveyed excitement about the timing of this launch and the opportunity it presents to support brokers and their clients, particularly in the regulated self-build schemes which are presently underserved in the market.
In order to fortify the launch of this new division, Spring Finance has enlisted the services of Emmanuel Johnson as the underwriting manager for development finance. With extensive experience working with high street banks and specialist lenders, Johnson is expected to play a pivotal role in the growth and development of the new product.
In alignment with this, Emmanuel Johnson expressed his enthusiasm in joining the company and underscored the client-centric approach that Spring Finance embodies. The dedication to prioritising clients at the forefront of their operations is further emphasised by Jim Baker, the sales director, who highlighted the company’s ambitious growth plans and commitment to delivering a seamless broker and customer experience.
In conclusion, the formal launch of Spring Finance’s development finance division signifies a strategic move to address the evolving needs of the market and offer customised financial solutions for developers and home extension projects. With the addition of Emmanuel Johnson and the continued leadership of Claire Newman, the company is poised to expand its presence in the development finance sector and enhance its comprehensive offering of specialist lending products.