Development Finance News:- Construction workers are relieved the government has said they are eligible for Covid-19 testing as the sector continues to re-open more building sites.
Health secretary Matt Hancock said at yesterday’s press briefing that anyone who needed to leave home to work and had symptoms should be tested.
“This means construction workers to emergency plumbers, research scientists to those in manufacturing – can now be tested.”
Unite assistant general secretary Gail Cartmail added: “This will significantly help prevent the spread of the virus on construction sites.”
But she warned testing alone was insufficient and it was ‘imperative’ workers were able to stick to social distance rules of two metres apart.
Earlier this month the government’s Construction Leadership Council watered down site operating guidance on the mandatory two-metre social distance rule to asking for it wherever “possible”.
| Product | Max LTV | Up to 50% LTV | 50.01 – 65.00% LTV | 65.01 – 75.00% LTV | Term & Repayment | Arrangement Fee |
|---|---|---|---|---|---|---|
| Residential Including Light Refurbishment | Up to 75% Lower of PP or MV | 0.43% pm | 0.53% pm | 0.60% pm | Maximum term 24 months No minimum interest or ERCs Interest Fully Rolled Up, Part-Rolled Up or Serviced (subject to affordability) The net advance will be less total potential interest over the term with the gross loan calculated as interest for the entire term and the arrangement fee added. | 1% -1.5% Full fee added to the loan. |
| Semi Commercial Including Light Refurbishment | Up to 75% Lower of PP or MV | 0.6% pm | 0.6% pm | 0.6% pm | ||
| Commercial Including Light Refurbishment | Up to 70% Lower of PP or MV | 0.75% pm | ||||
| Residential Heavy Refurbishment | Up to 75% Lower of PP or MV | 0.60% pm | 0.65% pm | 0.7% pm | ||
| Commercial and Semi Commercial Heavy Refurbishment | Up to 70% Lower of PP or MV | 0.83% pm | 0.83% pm | 0.7% pm | ||
Ms Cartmail added: “It is imperative construction workers are able to continually socially distance from when they leave home in the morning to when they return at night.”
She called for the revised guidance to be withdrawn and for the Health and Safety Executive to insist on social distancing on sites at all times to reduce infection.
Productivity on construction sites slumps by a third
Build UK said social distancing had reduced productivity on construction and infrastructure sites to an average of 67 per cent. It added the problem was particularly acute in London with 56 per cent of output being achieved. A survey of the trade body’s 36 contractor members showed 46 per cent of housebuilding sites were now open.
The government said tests can be arranged via self-referral or through employers accessing an online portal. It is expected to release a contact tracing app in the next three weeks to ensure anyone who has been close to a confirmed case of Covid-19 is isolated and checked.
Development Finance by HZA
Brokers Hank Zarihs Associates said development finance lenders expected more sites to open shortly and that testing and stringent operating controls should minimise site safety risks.
