Dragonfly Property Finance, part of the Octopus group, has reduced rate on its development product range to 10% pa – down from 11% pa.
The exit fee, which was previously 2% of the loan facility, has also been reduced and is now 1%.
Mark Posniak, managing director, Dragonfly Property Finance, said: “These competitive updates to our development products, and the creation of a dedicated in-house team to even better support our introducers, underline the massive appetite we have to grow this area of our business.
“Our goal to significantly boost our development book reinforces Dragonfly’s evolution from a bridging lender to one with a much broader, market-wide remit.”
The changes come shortly after Dragonfly’s announcement that it has hired Emma Burke and Tim Phillips as development relationship managers, and Uliana Kuzmis as a credit manager on development finance transactions.