This further rate reduction follows a rate cut in October last year.
The lender says it can make decisions within 24 hours for straightforward cases and offers enhanced Day 1 land advances of up to 70% LTGDV, which it says will mean developers can secure vital funding at the outset of their projects to enable a smoother process.
Andrew Fraser, chief commercial officer at Assetz Capital, commented:
“We need to pass on interest savings immediately to allow developers to access larger, improved day 1 loan advances and get on site quicker.
"With 24 hour credit decisioning on simple transactions, alongside reduced costs, developers will have the confidence to move more stock through the system and drive housing delivery across every region of the UK. Developers deserve fair costs, speed and certainty of funding from 9.1%.”
“Housing stock development remains a major challenge. The Government’s approach to planning system reforms is welcomed but ultimately will take time to implement. Assetz Capital reducing development finance rates from 9.1% will help to boost confidence to make that next site acquisition, or fund that next phase of a scheme. Our goal is simple: to enable more homes to be built faster. Plus of course we want to help developers keep more of their hard-earned profits, through affordable and fair borrowing costs.”
“We’re ahead of the BoE curve because we recognise the urgency developers face in getting projects off the ground. By passing on rate reductions now, we’re not only helping developers save on costs, but we’re also ensuring brokers and their clients can seize opportunities in a challenging market. We’re here to be the dependable, nationwide partner they need.”
