As the lender has surplus internal capital, and expects demand to be high, the new product is only available until December. They have also increased their loan to values.
James Bloom, CEO, commented:
“We are very excited as the leading provider of development finance in the market to further enhance our status by offering market leading terms. We are self-funded and have a substantial surplus of available capital which we want to lend into the market. To gauge the substantial levels of interest we expect we are initially offering this new Exclusive Product until the end of the year when we will review the position.
"We are still offering our Classic Product but this is an alternative at market leading rates. We can now offer our award winning service at an interest rate of only 9% p.a. and we will also now offer increased loan to values. We are very bullish about the market and this exciting innovative product reflects our views and the substantial capital reserves we wish to lend into the market.
We are still of course offering immediate decisions, funds within days and we will continue to collect our introducer partners commission for them and pay it at offer stage. We are already busy with new applications and we now expect to be inundated, we have cancelled all staff leave and told everyone to expect to be working seven days a week for the foreseeable future!”
Ashley Ilsen, New Business Executive, said:
“I think this is another great example of how Regentsmead are looking to lead the way in the development finance market. We are expecting a great response to this after listening to our valued introducers we are giving them what they want!”
Nick Warren, who heads the Lending Division at Regentsmead, comments:
“Constant reviews of a product range are critical to ensure that your offering remains competitive within the market. We have now revamped not only our product range but also our LTV and costings – we feel that with these changes we can maintain our leading position in the development finance arena. These revisions mean exciting times for introducers, developers and the expanding Regentsmead team – a win win for all!"
