Fiduciam completes over £22m of CBILS loans in October

Fiduciam has revealed it has lent over £22m in October under the Coronavirus Business Interruption Loan Scheme.

The lender has granted CBILS loans to housebuilders across the UK, including Devon, Halifax, Belfast, with London and the South East remaining strong markets.

The loans were completed to fund new projects, help other developers finish sites, as well as sell units or reinvest.

Last month, Fiduciam announced it had received over £430m of CBILS loan requests since it became an accredited lender in July.

Marc Morris, underwriter at Fiduciam, said: “Without a doubt, the onset of Covid-19 has significantly lengthened the development lifecycle. 

“The 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 at Fiduciam, added: “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."

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