Aldermore introduces VAT loans for Development Finance customers

POSTED: 9th August 2019
IN: Newsroom
  • The new VAT loans will support customers by helping to reduce the initial cash flow burden on qualifying land and property purchased for development
  • The launch builds on Aldermore’s commitment to strengthening its offering for housebuilders and developers

Aldermore, the specialist bank, has today announced the launch of VAT loans to cover the VAT due on land and property.

The launch comes on the back of demand from housebuilders and developers, and underpins the Bank’s commitment to further increase its support to the housing industry.

The new loans, available when taken out with an Aldermore Development Finance facility, will help housebuilders and developers reduce their initial cash flow commitment when purchasing land and property elected for VAT.

The introduction of VAT loans for property development finance customers will help speed up the development process.

Simon Knowles, Head of Property Development at Aldermore, said: “The purchase of a property that is elected for VAT can pose a real problem for SME developers when it comes to cash flow.  This payment can have a negative impact on a developer’s ability to progress the early stages of their development. The introduction of this new facility will ease the initial  cash flow impact and allow the developer to focus on getting the development started.”

In June 2019, the Bank introduced commercial mortgage VAT loans as part of its strategy to further support its customers.

**Ends**

For further information, journalists can contact:

Carmel McCarthy, Aldermore
Phone:            020 3553 4216
Mobile:            07464 644754
Email:             carmel.mccarthy@aldermore.co.uk

Twitter: @aldermorenews

Notes to Editors:

For further information about Aldermore, please review our Notes to Editors page.

  • Finance
  • Business
  • Press Release
  • Property Development FInance
  • Business Finance