Fiduciam supports housebuilders with £22 million of CBILS loans
Over the last month Fiduciam, the institutionally funded short-term lender to SMEs and entrepreneurs, has completed over £22 million of loans to housebuilders under the Coronavirus Business Interruption Loan Scheme (CBILS).
Fiduciam lends throughout the United Kingdom and has already granted CBILS loans to housebuilders from rural Devon to Halifax to Belfast. London and the South East remain strong markets while the current pipeline of CBILS applications reaches into both Scotland and Wales.
Fiduciam has funded new projects and helped other developers finish sites, sell their units and reinvest.
Loan facilities are tailored to borrower needs and can offer quantity surveyor supported development drawdowns and an opportunity to replenish working capital.
Fiduciam’s loans under CBILS come with no early repayment charges, so housebuilders can retain both the benefits of a quick recovery and the security of a longer loan term.
Marc Morris, Underwriter, Fiduciam, comments:
“Without a doubt, the onset of Covid-19 has significantly lengthened the development lifecycle.
Housebuilders have experienced additional delays from planning to construction to sales.
Key to retaining housebuilding capacity is ensuring that developers have the liquidity to weather these longer timeframes.
CBILS has helped Fiduciam assist new projects and support longer construction and sale periods.”
Ryan Parrett, Business Development Manager, Fiduciam, adds:
“Pre-Covid we were working with borrowers to speed up their development lifecycle and thus boost their organic growth.
Now, rather than promoting a more efficient use of capital, we’re helping housebuilders handle delays, complete projects and restart stalled projects.
Over the last few weeks, I’ve visited multiple sites and it is gratifying to see how CBILS loans make a real difference for these housebuilders.”