Fiduciam has announced that it has completed more than £22m of loans to house builders under the Coronavirus Business Interruption Loan Scheme (CBILS) in the past month.
The institutionally funded short-term lender to SMEs and entrepreneurs has funded new projects and helped other developers finish sites, sell their units and reinvest.
Fiduciam’s loans under the CBILS come with no early repayment charges, so house builders can retain both the benefits of a quick recovery and the security of a longer loan term. The lender also indicated its loan facilities are tailored to borrower needs and can offer quantity surveyor supported development drawdowns as well as an opportunity to replenish working capital.
“Without a doubt, the onset of COVID-19 has significantly lengthened the development lifecycle,” said Fiduciam underwriter, Marc Morris. “House builders have experienced additional delays from planning to construction to sales.
“Key to retaining house building capacity is ensuring that developers have the liquidity to weather these longer timeframes. The CBILS has helped Fiduciam assist new projects and support longer construction and sale periods.”
Fiduciam business development manager, Ryan Parrett, added: “Pre-COVID, we were working with borrowers to speed up their development lifecycle and thus boost their organic growth. Now, rather than promoting a more efficient use of capital, we’re helping house builders handle delays, complete projects and restart stalled projects.
“Over the last few weeks, I’ve visited multiple sites and it is gratifying to see how CBILS loans make a real difference for these house builders.”
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