Challenger bank Aldermore has revealed that it approves 95% of eligible property development applications for residential houses.<br><br>The latest figures from the Department for Communities and Local Government (DCLG) show that housebuilding completions rose by 9% in the second quarter of 2013 compared to the same period last year. Aldermore says it is pleased to be supporting this recovery in the housebuilding sector.<br><br>Aldermore offers funding for experienced property developers with a good track record, who are looking to build new residential buildings or convert existing buildings into residential housing. Eligible applicants are those who put forward developments that meet Aldermore’s criteria in terms of size, type and location.<br><br>The Bank’s property development finance product offers a minimum loan amount of £500,000 and a maximum loan term of 24 months, with a maximum advance of up to 60% of current site value and 60% of development costs. For selected development sites located in London and the south east of England, funding of up to 75% of costs is available.<br><br>Aldermore’s commercial mortgages md Rob Lankey (pictured) said: “Latest figures from the Department for Communities and Local Government show that the housebuilding sector is improving, with the number of properties being started in June 2013 …