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 As a result of the pandemic bought on by the Covid outbreak in Early 2019 the British government, it is short for the Coronavirus Business Interruption Loan Scheme, and basically, a form of development loan that is backed by the UK government accredited banks and lenders who are working with the British business bank can access finance for the development of property with little or no risk to the lender, CIBILS Development Finance can only be issued if the borrower has been affected by the coronavirus outbreak. CIBIL property development finance can be for up to twelve months before they are either paid back or the borrower can alternatively refinance the loan in order to discharge your CIBILS Property Development Finance.

 

CIBIL finance comes with no interest for the first twelve months of the finance and can also cover some of the associated costs in taking out the finance, allowing developers to develop with more confidence, when the pandemic started in the early months of 2019 the property market had no idea what the future would hold and how house prices would hold up with the forecast mass unemployment forecasts, however, the chancellor in a surprise move slashed stamp duty on all properties under five hundred thousand pounds meaning no stamp duty to pay up to £500k of the properties value this was implemented until 31st March 2021, this basically put a rocket into the market and due to the time limit of the reduction, the market went crazy in many cases the price increases in the market have outstripped the £15,000 maximum saving.

 

This funding is set to end in March 2021 although it was due to end earlier however due to the further restrictions the country has had to endure it was extended it is uncertain if the current loan scheme is likely to be continued so if you are looking for development finance in the near future it would be wise to look into this type of funding, particularly as the savings on interest payments and fees can be considerable.

 

If you would like to discuss how a CIBIL loan could work for your business please contact us on 0800 138 6001 or use the contact form on this page.

 

Get in touch you can call us anytime 24/7  or fill in the form on this web page and we will contact you to provide your quote.

 

With over 20 years of experience, you can be assured of the very best help and advice from our team.