Dragonfly Property Finance has cut the rate on its development product range from 11% pa down to 10%.
The lender, which is part of Octopus Investments, has also reduced exit fees.
Previously the fee was set at 2% of the loan facility, but in a bid to give its offering a competitive edge, the fee has now been reduced to 1%.
Mark Posniak, managing director, Dragonfly Property Finance, said:
"These competitive updates to our development products, and the creation of a dedicated in-house team to even better support our introducers, underline the massive appetite we have to grow this area of our business.
"Our goal to significantly boost our development book reinforces Dragonfly's evolution from a bridging lender to one with a much broader, market-wide remit."
These updates follow the recent announcement that Dragonfly Property Finance has further bolstered its in-house team with the addition of two new development relationship managers, Emma Burke and Tim Phillips.
Uliana Kuzmis also joins the team in the capacity of credit manager on development finance transactions.