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9th October 2018
UK Finance and FMB launch guide to development finance for SME housebuilders
SME housebuilders are to be given help in navigating the development finance process and accessing the funding they need, following the publication of a new guide by UK Finance and the Federation of Master Builders (FMB). The guide offers practical advice to smaller housebuilders on how they should present their project to lenders to improve their chances of success, as well as the alternative options available if an application for finance is turned down.
It follows the announcement of several schemes to increase funding for SME housebuilders, such as the Housing Delivery Fund and the Housing Growth Partnership, which have been backed by the finance industry in partnership with Homes England. The guide was launched at the FMB’s Eastern Business Conference in Chelmsford, Essex.
Stephen Pegge, Managing Director of Commercial Finance, UK Finance, said: “The range of finance options available to SME housebuilders is now greater than ever, from traditional high-street lenders to crowd funding and government-supported schemes. But too often SMEs are deterred from applying for finance because they are unsure about where to look or whether they’ll be successful.
“This guide is designed to help smaller housebuilders navigate this diverse landscape and find the right form of finance for them. Through close cooperation between UK Finance, the FMB and the government, we are determined to help SME builders grow their business and build the homes the country needs.”
Brian Berry, Chief Executive of the FMB, said: “Over the past decade, for many SME house builders, development finance has been difficult to access. Although there have been improvements in this picture in recent years, nearly half of SME house builders still view lack of access to finance as a major constraint on their ability to build new homes. We will continue to work with the Government and UK Finance to identify ways to improve this situation by enabling lenders to lend more to this sector.”