Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

London Credit Cuts Development Finance Rates and Launches Prime Offering

London Credit has reduced rates across its mainstream development finance range by 1% per annum and introduced a new Prime Development offering. The new Prime Development product is aimed at lower-risk development projects, with rates starting from 10% per annum at 70% loan to gross development value (LTGDV) and 9.5% per annum at 65% LTGDV.

The lender’s updated proposition is available to both experienced and first-time developers. London Credit states that the changes are designed to provide greater flexibility for brokers when structuring development transactions.

The new Prime Development offering and reduced rates may be of interest to letting agents and inventory clerks monitoring trends in property development finance, as these changes could impact the pace and scale of new residential projects entering the UK market.