No, we have access to lenders who are willing to fund projects for those approaching property development for the very first time. The lender will seek security in case of any repayment issues, but first-timers can still see attractive terms.
How Development finance will help you
If you are a property developer you’ll know that finance is key to keeping things running smoothly. If you are approaching your first project, you may need a little guidance as to how these funds are accessed in the first place. Development finance is the solution provided to unlock funds to build, convert, or refurbish a property that you are then looking to sell.
There are a whole host of lenders who are willing to assist with development finance. Using a finance broker will allow you access to the best deals on the market and save you the time of hunting these down yourself. An experienced broker will understand your aims and know exactly which lenders to approach to achieve your goals.
Development finance sees you being approved for a set amount of funds. An initial block of funds is released to ensure that the project is secured and can get underway. As you hit certain milestones along the way, further funds are released to ensure that the project keeps moving forward. It is possible, with the right lender, to have 100% of all build costs funded this way.
When it comes to repaying development finance, this is usually achieved at the end of the project. This could be by the sale of the property that has been developed. Where this is not the case, it is usually possible, by using a finance broker, to refinance the deal and repay the loan. As development finance is short-term, interest is kept to a minimum and you will only pay interest on the loan amount that you have actually drawn on and used.
Development finance allows you to drive your business forward.
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All you need to know
There are some lenders who will allow you to make interest payments each month during the course of the loan. However, the usual approach is that the interest is all rolled up until the end of the term and no monthly payments are made.
The interest charged will depend upon the lender used as well as your circumstances and the details of your development. Rates start at 4.5%.
It is typical to receive funds within 2-8 weeks. If funds are needed sooner, there is the possibility of bridging loans to ensure that you can secure the deal.
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If you have any questions on the right funding solutions for your business, get in touch with our friendly and experienced team.