CBILS Development Finance.
Fox Davidson now have access to government backed development finance under the Coronavirus Business Interruption Scheme (CBILS).
The funding has been made available through a bespoke development finance lender and offers property developers 12 months interest free and refund of valuation costs and refund of arrangement fees.
CBILS Development Finance Terms:
- Maximum loan amount £5m
- 65% loan to GDV including interest roll up.
- 15% developers own cash in
- Experienced developers only, must have completed developments previously
- 2.5% lender fee in and 0.5% out – All fees are paid for by UK Gov.
- 12 months no interest and month 13 onwards 9% approx. interest charged
- 1% broker fee
- Refund of valuation and monitoring surveyors’ costs
What is the minimum loan amount for a CBILS development finance loan?
We are working with developers that need funding from £1m. The maximum loan is £5m.
Who can apply for a CBILS development loan?
UK based companies with max turnover of £45m can apply for a CBILS development finance loan.
Does my business need to have suffered financially because of COVID-19?
Yes. You will need to self-certify that you have been affected by Coronavirus to access the funding.
Your business should not have been classed as ‘in difficulty’ pre-December 2019.
What profit does the development need to make to be eligible?
The development needs to have at least 20% profit pre-finance costs to be eligible
Will you lend on single unit schemes?
Yes, the development funding is available on single and multiple unit schemes including flats and houses.
How long is the scheme available for?
Currently the scheme runs until September but is likely to be extended. Any offer of loan made within the current timescales will be valid for draw down for 6 months.
To discuss CBILS development finance call Fox Davidson on 0117 989 7950 or email email@example.com