Blackfinch Property Updates Lending Criteria on Interim Basis During Coronavirus Pandemic
In adapting to market change, the firm is enabling borrowers to continue to access finance.
As a result of the coronavirus pandemic, Blackfinch Property has updated its lending criteria on an interim basis. This is to provide options for its customers and to protect the interests of investors and borrowers alike.
The team has implemented these alternative working arrangements as part of maintaining the highest levels of service for investors and borrowers. It continues to serve the property market, providing innovative short-term bridging and development financing solutions.
The team has also applied contingencies for two risks seen in the current market. These are delays in completing construction projects, as some sites have had to close, and delays in sales of completed units, as these may also take longer to achieve.
The interim criteria include reductions in loan to value ratios for both bridging and development deals in order to allow for these additional contingencies. However, projects with stronger risk management, such as secure exits or JCT contracts (Joint Contracts Tribunal) with financially-robust construction firms, or assets with an underlying income or potential income will likely be less affected.
At Blackfinch, we offer an efficient and flexible approach to lending. We will continue to look at each updated proposal based on its individual merits and the assessment of the overall level of risk which will continue to rely on a wide range of factors. David Higson, Investment Director at Blackfinch Property
Blackfinch Property remains very much open for new business. The expert team is available to support investors and borrowers, and in turn the UK property market and economy.