TVP launches finance facility scheme
The Vinden Partnership (TVP), based in Nottingham, has launched a new contractor funding package for businesses struggling to secure financial backing from more traditional sources. The property adviser has already completed seven refinancing deals under the TVP Construction Finance scheme.
TVP said it launched the project following months of reduced lending from the major banks to the construction sector.
Peter Vinden, managing director of The Vinden Partnership, said: “We have launched TVP Construction Finance as a response to the ongoing challenges facing contractors and subcontractors in trying to obtain bank funding.
“The development situation across the UK is extremely turbulent and, if a scheme has been able to secure funding in the first place, it is extremely frustrating for everyone concerned when one of the parties involved encounters problems and the project grinds to a halt. The construction finance product we have launched will enable contractors and subcontractors to obtain funding which in turn will hopefully safeguard the schemes we are involved with.”
