Aldermore Development Finance Review (2026)

We place Aldermore among the established specialist banks in UK development finance, operating alongside Shawbrook as a recognised alternative to the high-street banks for residential development lending. Aldermore works exclusively through brokers, lends to limited companies, and typically requires at least one comparable completed scheme. If you want a bank-backed lender with a clear development-finance focus and no direct-access complications, Aldermore is a credible starting point, provided your project meets its track record and security criteria.

Aldermore Development Finance at a Glance

Our Verdict

We rate Aldermore in the mid-to-upper tier of UK development finance, offering balance-sheet lending from £1 million to £50 million per project. The 65% LTGDV cap is conservative, which limits appeal for developers who need to stretch leverage, but it also reflects the lender’s preference for lower-risk, well-capitalised deals with experienced teams.

The proposition is structured and relationship-led rather than fast-turnaround. Monthly QS monitoring, a four-stage underwriting process, and experienced-developer-only criteria mean Aldermore is built for developers who want a credible, regulated bank behind their scheme, not those chasing the quickest term sheet. The bank’s current ownership uncertainty (FirstRand has placed Aldermore for sale) adds a contingency worth factoring into any long-horizon project discussion, though FirstRand has publicly stated that core banking operations remain well-capitalised and resilient.

Best For

• Experienced developers with a track record of completed schemes
• Mid-to-large residential, PBSA or mixed-use projects needing £1 million–£50 million
• Schemes using Modern Methods of Construction (MMC)
• Developers who prefer rolled-up interest and monthly QS-led drawdowns over revolving facilities
• Brokers presenting well-packaged, credit-clean deals to a regulated bank

Not Ideal For

• First-time developers, Aldermore explicitly requires prior experience and will not consider first-time applicants
• Deals requiring leverage above 65% LTGDV
• Offshore-registered entities (with the exception of Channel Islands and Isle of Man structures)
• Developers in Scotland (islands) or Northern Ireland, geography is restricted to England, Wales and mainland Scotland
• Speculative commercial development without pre-let or pre-sale evidence

Key Facts

• Minimum loan: £1 million
• Maximum loan: £50 million per project
• Maximum LTGDV: 65%
• Interest: Typically rolled up; bespoke serviced arrangements possible
• Rates: Deal-by-deal (not published)
• Geography: England, Wales, mainland Scotland
• Regulation: Authorised by PRA, regulated by FCA and PRA (FRN: 204503)
• Trustpilot: 4.4/5 “Excellent” (6,057 reviews, bank-wide)
• Parent: FirstRand Group (currently for sale)

What Is Aldermore Development Finance?

How Aldermore Development Finance Works

Aldermore Bank is a specialist UK bank founded in 2009, now part of the South African financial group FirstRand. Its real estate lending division provides development finance as balance-sheet debt, meaning Aldermore lends its own capital rather than syndicating through a fund or peer-to-peer marketplace. That distinction matters: balance-sheet lenders typically offer more competitive pricing for well-qualified borrowers and carry fewer fund-level constraints on deal terms.

Development loans are structured as committed facilities drawn in stages as construction progresses. Interest is generally rolled up and added to the loan balance, which preserves developer cash flow during the build. Once your scheme is complete and units are sold or refinanced, you repay the rolled-up interest and principal together. If you want to retain completed stock and move to a buy-to-let or portfolio structure, Aldermore also offers term debt to facilitate the move from development to hold.

Ground-Up Development vs Heavy Refurbishment

Ground-up development starts on a cleared or undeveloped site, so the lender has no existing building to fall back on while work is still at an early stage. Heavy refurbishment starts with a standing building, whether the work is an extension, conversion or change of use. That existing structure gives the lender some security from the beginning, although the work can still be substantial.

Residential new builds, conversions and refurbishments all fall within Aldermore’s stated scope:

• Residential new build: ground-up construction of houses and apartments
• Residential conversion: change of use from commercial or mixed-use to residential
• Light and heavy refurbishment: structural alteration and improvement of existing residential stock

Both light and heavy refurbishment sit inside that range, so the type of work is rarely what rules a scheme out at Aldermore. The £1 million minimum usually does that first, and a smaller refurbishment project is too small for the facility whatever its shape.

Main Loan Options

Aldermore also funds student accommodation, mixed-use schemes, qualifying commercial development and projects using modern construction methods. Each comes with its own conditions:

• Purpose-Built Student Accommodation (PBSA): schemes designed and operated for the student rental market
• Mixed-use: schemes combining residential, retail or commercial elements
• Commercial development: eligible only where there is pre-let or pre-sale evidence; speculative commercial schemes are not considered
• Modern Methods of Construction (MMC): explicitly supported alongside traditional build methods such as brick and block, steel frame and timber frame
• Term debt for completed schemes: for developers who wish to hold and rent rather than sell on completion

Aldermore’s published support for MMC sets it apart from lenders that remain cautious about modular construction, valuation and resale. We therefore count it as a useful bank-backed option for developers using these methods, provided the specific system and completed units satisfy underwriting.

Aldermore Development Finance Rates and Fees

Interest Rates and Arrangement Fees

Aldermore prices each development deal individually rather than publishing a rate card. Fixed and variable structures are available, with the rate and structure settled together during the deal process.

Interest is typically rolled up for the life of the facility, so you do not make monthly payments during the build phase. This protects cash flow during construction, particularly if you have limited or phased presales. Bespoke serviced arrangements, where the borrower makes partial or full monthly interest payments, can be negotiated, though this is less common and usually only relevant where a borrower specifically requests it for accounting or covenant reasons.

Arrangement and exit fees are not published either, and are agreed on the same deal-by-deal basis as the rate. Request fee structures at the indicative terms stage and model them into your appraisal before you proceed to formal application.

Additional Fees and Charges

The lender’s rate is only part of the cost. You also pay the valuation, legal and Quantity Surveyor charges needed to set up and monitor the facility:

• Valuation fees: Aldermore commissions a formal RICS valuation after issuing a credit-approved offer. You pay this fee directly.
• Legal fees: your own solicitors and Aldermore’s solicitors are both costs you bear, which is standard across UK development lending.
• Quantity Surveyor costs: Aldermore appoints a QS to produce an initial report and to conduct ongoing monthly site monitoring. You pay the QS fees throughout the life of the facility.

These third-party costs can become material on a large or lengthy scheme, particularly when QS monitoring continues throughout the build. Put them into the development appraisal from the start; treating them as incidental understates the cost of the facility.

What Affects Your Rate

Pricing reflects the borrower’s track record, the project’s risk profile, the LTGDV, and prevailing market conditions at the time of credit approval. Two of those four are inside your control before you apply. A scheme pushed to the top of the 65% LTGDV cap is a different credit proposition from the same scheme asking for well under it, and an experienced team with completed comparable schemes behind it leaves the underwriter less to price for.

Get indicative pricing through a broker with a live panel relationship with Aldermore. Direct enquiries to the bank are also accepted, though brokers generally accelerate the initial credit dialogue. Rate competitiveness is worth checking against peers such as Shawbrook and Octopus Real Estate at enquiry stage, because spreads shift with market conditions and with the individual deal.

Aldermore Development Finance Eligibility

Who Can Apply

Aldermore restricts development finance to experienced property developers, although it does not publish a precise threshold for sufficient experience. Applicants without a completed development track record are outside its stated lending appetite, regardless of their personal net worth or financial strength.

Entity types accepted include individuals, sole traders, partnerships, LLPs, limited companies and PLCs. Offshore-registered entities are excluded with two exceptions: Channel Islands structures (Jersey and Guernsey) and Isle of Man structures are eligible. Any other offshore jurisdiction is outside the credit appetite, which rules out commonly used development SPV structures domiciled in the British Virgin Islands or Cayman Islands.

The underwriting process includes assessment of creditworthiness, existing bank conduct, and, notably, the absence of prior company failures. If you have a history of dissolved companies, CVAs or insolvency events in your corporate history, expect those to be scrutinised; you may be declined. Aldermore will run credit searches on you as part of the formal underwriting process, and a history of good standing across your existing facilities is weighted positively. Adverse conduct flags on facilities that are technically performing can still affect the outcome.

When your accountant pulls three years of clean accounts for the borrowing entity and, where relevant, the principal directors or partners, the credit dialogue moves faster. You will need those accounts to apply.

Experience, GDV and Loan-to-Cost Requirements

Aldermore gives you a published loan-to-GDV ceiling but no equivalent threshold for experience or loan-to-cost. That makes leverage the part of eligibility you can build into the appraisal before a broker approaches the bank; the remaining judgement depends on the developer and the scheme.

Aldermore’s published maximum LTGDV is 65%. LTGDV is the ratio of the total loan facility (including rolled-up interest) to the projected gross development value on practical completion. The 65% ceiling is a firm published cap; deals requiring higher leverage are outside the credit appetite.

The loan covers site acquisition, construction costs and professional fees, so the facility is designed to fund the full development stack from land purchase through to completion. The LTC (loan-to-cost) ratio is not explicitly published, but the structure of the facility implies it will typically run at a level consistent with the 65% LTGDV constraint, meaning higher-cost sites relative to GDV will see lower LTC headroom.

For comparison, alternative lenders such as Blend Network will go to 70–75% LTGDV, and some peer-to-peer platforms stretch further still. Aldermore’s 65% cap is therefore a genuine constraint if you need to maximise leverage, though it reflects the bank’s preference for lower-risk positions that leave adequate equity cushion in the scheme.

Site, Planning and Professional Team Requirements

The geographic scope is England, Wales and mainland Scotland. Northern Ireland is excluded, as are Scottish islands. These boundaries are fixed rather than discretionary.

Security is taken by way of first legal charge over the development site. The charge can be over a freehold or a leasehold interest, but leasehold security must have a minimum of 80 years remaining at the projected practical completion date of the scheme. Shorter leases, even if otherwise viable, do not meet the security threshold.

Section 106 agreements and planning consents must be in place at the point of application, or at minimum confirmed as conditions of the credit decision. Schemes at pre-planning stage will not advance through the formal process, though preliminary conversations with the team are possible at that stage.

The building team is assessed alongside the scheme itself. Aldermore reviews contractor CVs and trading accounts to judge whether the team you have lined up can deliver, so a contractor with thin accounts becomes a live issue at application rather than something that surfaces mid-build. Aldermore appoints its own Quantity Surveyor once the deal reaches offer stage, and you pay for that appointment.

Construction methodology is flexible. Aldermore accepts standard construction methods (brick and block, steel frame, timber frame) and, importantly, Modern Methods of Construction. MMC-financed schemes are evaluated on the specific system used, its buildability record, and the residual value of the completed units, but the category is not excluded as a matter of policy.

Aldermore Development Finance Application Process

How to Apply

Applications can be made directly to Aldermore’s real estate lending team or through an approved intermediary broker. Use the broker route on deals of any complexity. When your broker pre-qualifies the deal against Aldermore’s criteria, the submission lands in the format the underwriting team expects, and they manage information requests during the process.

The process runs across four defined stages: the initial submission, credit and underwriting, the formal offer with its valuation and QS report, and then facility set-up and first drawdown.

Screen the deal against Aldermore’s published requirements before submitting it. Developer experience, entity type, geography and leverage can rule a scheme out before underwriting begins, so a broker should resolve those points before preparing a formal submission.

Documents, Appraisals and Checks Needed

Stage 1 is the initial submission. You submit a development appraisal, a cash flow outline, copies of planning consents, any section 106 agreements, three years of financial accounts, and contractor CVs along with their trading accounts. This submission forms the basis of the initial credit review.

Following the initial submission, Aldermore moves to Stage 2: credit and underwriting. The team will conduct credit searches on the developer entity and relevant principals, arrange a site visit, and route the deal through internal underwriter approval. The assessment covers project viability, borrower creditworthiness, existing bank conduct, and the absence of prior business failures in the borrower’s corporate history.

If the deal passes underwriting, a formal offer is issued. It is only at this point, Stage 3, that Aldermore commissions the formal RICS valuation and the initial QS report. The sequencing works in your favour: you do not incur valuation and QS costs unless and until the bank has confirmed credit appetite. That said, it also means deal timelines extend beyond the offer stage while valuation and QS work is completed before the facility is formally set up.

Credit Decision and First Drawdown

The offer stage is also when the final security checks on leasehold interests (the 80-year minimum) and the formal legal charge documentation are prepared. Both parties’ solicitors are instructed at this stage, and legal completion must occur before drawdown can begin.

First drawdown therefore follows legal completion rather than the credit decision. Between the two sit the RICS valuation, the initial QS report and both sets of solicitors, and the facility is not formally set up until all of that is finished, so an offer in hand is not the same thing as money on site. Build that gap into the programme you present to your contractor.

Drawdowns, Monitoring and Repayment

How Staged Drawdowns Work

Development finance is not released as a lump sum. Once the facility is live, drawdowns are triggered by the Quantity Surveyor’s monthly site visits. The QS inspects completed work against the project programme, certifies the value of work done, and recommends a drawdown amount. When your QS certifies a month’s work, Aldermore releases the next tranche within 48 hours.

That published 48-hour turnaround is useful for your cash flow planning on active build programmes. The monthly cadence is standard across institutional development lenders, but the 48-hour commitment on certified drawdowns is a practical operational point worth confirming with your broker when comparing facilities.

Monitoring Surveyor and Build Milestones

The Quantity Surveyor sits at the centre of Aldermore’s ongoing project governance. Their role is to act as an independent professional certifying that construction progress matches the draw schedule and that the cost-to-complete estimate remains within the sanctioned budget. Monthly site visits are the minimum; more frequent visits may be required on complex schemes or where the QS has identified programme risk.

Drawdown recommendations from the QS are not automatic approvals. Aldermore retains the right to query or defer a drawdown if the bank has concerns that are not reflected in the QS’s assessment. In practice this is uncommon on well-run schemes, but developers should be aware that the 48-hour commitment operates within the context of the bank being satisfied with the overall project position.

The QS continues reporting throughout the facility, flagging cost overruns, programme slippage and changes that could weaken the bank’s security. Design changes, a replacement contractor or a material shift in scope will usually need Aldermore’s consent, so these are lender decisions as well as site decisions.

Borrowers pay the QS fees throughout the facility. On a large scheme running 18–24 months, monthly QS costs should be modelled explicitly in the development appraisal. QS monitoring is a governance tool that protects the project as much as the lender, not overhead.

Loan Term, Interest and Repayment at Exit

The facility remains in place until the development is complete and the loan is repaid, either from unit sales or refinance onto long-term debt. For developers transitioning to a hold strategy, Aldermore’s term debt product can be used to refinance out of the development facility without changing lender, which reduces transaction costs and complexity at that stage.

Because interest is rolled up rather than serviced monthly, the balance you clear at exit is larger than the amount you drew. That accrued interest sits inside the LTGDV calculation, which measures the total facility against the projected value at practical completion, so a scheme that runs long eats headroom the original appraisal assumed was there.

Cost Overruns, Delays and Risk

What Happens If Costs Overrun

The two principal risks you face on any development finance facility are cost overrun and programme delay. Aldermore’s structure manages these through the QS monitoring regime and the staged drawdown mechanism, but the risk ultimately sits with the developer. The 65% LTGDV cap provides a buffer between the GDV and the loan quantum, but a material downward revision to GDV, from market softening or planning changes, could erode that buffer.

The QS is where an overrun shows up first. Every drawdown is certified against work actually completed and against the cost-to-complete estimate, so a budget moving out of line is visible to Aldermore in the month it happens rather than at the end of the build. Material scope changes need lender consent before you proceed, which means a redesign to bring costs back into line is a conversation with the bank rather than a decision you take on site.

Aldermore does not publish a contingency policy, an overrun drawdown facility, or a stated trigger for default on an overrun. What it does publish is where the risk sits, and the answer is with you: the 65% cap is the bank’s own buffer, and closing a funding gap on a scheme that has run over is the developer’s problem to solve.

Extensions, Delays and Default Risk

Programme delay compounds differently from cost overrun. Interest keeps rolling up on a scheme that slips, so three months of delay is three further months of interest added to the balance you repay at exit, measured against a GDV that has not moved with it. Aldermore does not publish extension terms, and it does not publish the point at which a delayed facility falls into default.

Developer experience is part of Aldermore’s risk control, not merely an entry condition. We base that reading on its requirement for contractor CVs and trading accounts: the build team’s capacity and financial health are assessed alongside the developer’s own record.

The bank’s current ownership situation, FirstRand placing Aldermore for sale in April 2026, driven by the MotoNovo motor finance provision of approximately £750 million, is a background risk to factor into long-horizon projects. FirstRand has stated that Aldermore’s core banking operations, including real estate lending, remain well-capitalised and resilient. A change of ownership does not automatically alter the terms of existing facilities, but it may affect relationship continuity, credit appetite and future product availability in ways that are difficult to predict at this stage. If you are committing to a multi-year scheme, raise this directly with Aldermore and factor the uncertainty into your lender diversification strategy.

Aldermore Development Finance Customer Reviews

What Customers Like

Aldermore Bank holds a Trustpilot rating of 4.4 out of 5 stars, rated “Excellent”, based on 6,057 reviews. That 4.4 rating is a bank-wide figure covering retail savings, residential mortgages, business savings and all other Aldermore products; it does not isolate development finance specifically. A bank-wide consumer rating tells you little about a specialist development finance product, so we do not weight it heavily here.

Recurring themes in positive reviews across Aldermore’s product range include responsive account management, straightforward onboarding for savings products, and clear communications during the application process. For development finance specifically, a product used by a smaller and more sophisticated borrower base, qualitative feedback from brokers and developers in the market tends to emphasise the bank’s structured process and the consistency of its underwriting criteria as positives.

Common Complaints

The most consistent criticism of bank-backed development lenders at this tier, and one that applies to Aldermore, is that the process is slower and more document-intensive than specialist bridging or alternative lenders. If you need a credit decision in days rather than weeks, Aldermore’s four-stage process is a poor fit, regardless of how creditworthy the deal is.

Unpublished rates and fees make early appraisal harder. You need indicative terms before you can model Aldermore’s cost meaningfully, while some alternative lenders give you a published starting point. Bespoke pricing is normal among bank-backed development lenders, but it still slows the comparison.

The proposed sale of Aldermore creates a continuity question for long projects. Lending appetite and relationship-team stability matter throughout a development facility, so uncertainty on either point belongs in the lender decision rather than being treated as background corporate news.

Aldermore Support and Regulation

Customer Support

Aldermore’s development finance operates through a dedicated Commercial Real Estate (CRE) team. In January 2026, Aldermore launched a distinct Commercial Mortgages proposition for investment deals up to £3 million, which was designed to allow the CRE team to focus on larger investment and development finance above that threshold. The restructuring signals an intent to maintain specialist resource on development deals rather than dilute the team across smaller ticket commercial lending.

Relationship management is central to how Aldermore positions its development product. If you have a live facility, you get a named relationship manager as your primary contact throughout the project lifecycle. Brokers who regularly introduce deals to Aldermore will typically develop ongoing contact with the credit and origination teams, which can accelerate the initial assessment of new submissions.

Aldermore does not operate a public-facing self-service portal for development finance. The process is managed through direct relationship contact, which suits borrowers who expect dialogue and bespoke deal structuring but is less suited to those who prefer digital-first, process-driven lenders.

Regulatory Status and Complaints

Aldermore Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA. Its FCA Firm Reference Number is 204503, which can be verified on the FCA’s Financial Services Register.

An important regulatory nuance applies to development lending: Aldermore explicitly states that property development lending to limited companies is not regulated by the FCA or PRA. That exclusion is consistent with how FCA regulation applies to mortgage lending more broadly: regulation attaches to lending to individuals on their primary residence, not to corporate borrowers for development purposes. If you borrow through a limited company (the most common structure), the statutory protections associated with regulated mortgage lending do not apply to your facility.

Complaints against Aldermore can be made directly to the bank in the first instance. If unresolved, borrowers may escalate to the Financial Ombudsman Service for regulated activities. For unregulated development facilities, the Ombudsman route may not be available, and contractual remedies are the primary recourse. Borrowers should review their facility documentation and the bank’s complaints procedure carefully at the outset.

Aldermore vs Alternatives

Aldermore vs Shawbrook Development Finance

Shawbrook is Aldermore’s closest direct competitor: both are specialist UK banks offering balance-sheet development and investment finance at the mid-to-upper end of the market. Shawbrook has a noted advantage in lighter refurbishment transactions where it uses Automated Valuation Models (AVMs) at up to 75% LTV, which can turn smaller, lower-risk projects round far faster. That speed advantage is less pronounced on complex ground-up schemes where manual valuation and underwriting are required regardless of lender.

On leverage, Shawbrook can flex above Aldermore’s 65% LTGDV cap in certain cases, which matters on land-heavy deals where you need to extract more from GDV. Compare indicative terms from both banks on specific deals rather than treating either as categorically cheaper or more flexible; the outcome varies by scheme profile.

Aldermore vs Octopus Real Estate Development Finance

Octopus Real Estate operates on a fund model rather than bank balance sheet, which creates a different risk and pricing dynamic. Octopus was named “Best Development Finance Provider” at the Business MoneyFacts Awards and is a credible mid-market competitor, particularly for residential new build and PBSA. Its institutional fund structure can support innovative or complex schemes that bank credit committees sometimes find harder to approve, but fund-side constraints on deployment pace and available capital can affect deal timing.

Aldermore’s bank backing offers borrowers a more conventional counterparty with a defined regulatory framework and a longer operating history. Put the two side by side on a specific deal, especially if you weight counterparty stability highly given the current ownership uncertainty at Aldermore.

Aldermore vs Other Development Finance Lenders

At the alternative end of the market, lenders such as Blend Network operate on a peer-to-peer or marketplace model and will typically offer higher leverage (70–75% LTGDV) with lower minimum loan sizes, making them accessible to smaller SME developers excluded by Aldermore’s £1 million minimum. The trade-off is higher pricing: alternative lenders charge more than bank-backed lenders to compensate for higher perceived risk and cost of capital.

If you are a first-time developer who cannot access Aldermore due to the experience requirement, this segment of the market is your practical starting point. Complete one or two schemes through an alternative lender, build a track record, and you become eligible for bank-backed facilities at Aldermore’s tier in future years. The two parts of the market serve different stages of a developer’s career rather than like-for-like substitutes.

Final Verdict: Is Aldermore Development Finance Worth It?

Aldermore suits experienced developers taking residential, PBSA or mixed-use schemes to a bank lender. We base that judgement on its balance-sheet funding, FCA and PRA authorisation, support for MMC and defined QS-led drawdown process. Those features give you a conventional institutional counterparty, but only if the scheme fits its tighter lending criteria.

The constraints are real and should not be glossed over. The 65% LTGDV cap excludes deals that need higher leverage. The experienced-developer requirement excludes first-timers entirely. The four-stage process and opaque pricing require patience and a broker relationship to navigate efficiently. And the FirstRand sale process introduces a continuity question that deserves a direct conversation with the bank before any multi-year commitment is made.

Pursue Aldermore when its experience rules, leverage and staged process fit your scheme. If they do not, compare Shawbrook, Octopus Real Estate and specialist alternative lenders instead. The practical decision is whether the facility funds the scheme you have and releases money on a timetable the build can use.

Frequently Asked Questions

What is the minimum loan for Aldermore development finance?

Aldermore’s minimum development finance loan is £1 million. The maximum is £50 million per project. Deals below £1 million are outside the bank’s development finance appetite and would need to be placed with alternative lenders that serve the smaller end of the market.

What LTGDV does Aldermore development finance offer?

Aldermore’s published maximum loan-to-gross-development-value is 65%. That 65% maximum is a firm published cap. The LTGDV measures the total loan facility (including rolled-up interest) as a proportion of the projected GDV at practical completion. Schemes requiring leverage above 65% LTGDV are not eligible for Aldermore development finance.

Can first-time developers apply to Aldermore?

No. Aldermore’s development finance is explicitly restricted to experienced property developers. First-time developers, regardless of financial strength or project quality, are outside the bank’s stated credit appetite. If you have not yet completed a scheme, look at alternative lenders with lower experience thresholds. Building a track record on smaller schemes through the alternative lending market is the standard pathway to bank-backed development finance at Aldermore’s tier.

Does Aldermore development finance roll up interest?

Yes, in most cases. Aldermore typically structures development finance with rolled-up interest, meaning no monthly interest payments are required during the build phase. The interest accrues against the loan balance and is repaid alongside the principal when the facility is redeemed, usually from sales proceeds or refinance on completion. Bespoke serviced arrangements, where the borrower makes periodic interest payments, can be negotiated for borrowers who specifically require this structure.

Is Aldermore development finance regulated by the FCA?

Aldermore Bank is authorised by the PRA and regulated by the FCA and PRA (FRN: 204503). However, Aldermore explicitly states that property development lending to limited companies is not regulated by the FCA or PRA. That exclusion is consistent with the general regulatory position on commercial lending. Developers borrowing through a limited company, the most common structure for development finance, should be aware that the statutory protections applicable to regulated mortgage lending do not extend to their development facility.