Development Finance
Development Finance is a short-term funding option, usually for between 6-18 months, and is designed to assist with the purchase and construction costs associated with a development project. This can be a new-build or refurbishment.
Our funding can be used to assist with both the purchase of the development site and, subsequently, for the build costs associated with the project. Funding for the building works is usually released in regular stages, as work is completed.
Lending Criteria
We specialise in providing tailored loans in both the residential and commercial sectors.
The maximum individual loan size we will offer is c.£1.5m, and we will lend up to a maximum of 60% of the Gross Development Value.
Within these parameters, we can consider lending up to 60% of site acquisition costs and up to 100% of construction costs, in staged payments.
Lending Process
Application
Call or email us with some initial information about your project. This does not need to be extensive but should include details about the location, nature and size of your proposed development, with information on planning status, land purchase price, anticipated construction cost and loan requirements.
Initial Assessment
Once sufficient details are received, we would aim to provide an initial indication of our willingness to provide finance within 48 hours, to include indicative lending terms.
Valuation
Whilst our initial review will be undertaken by our experienced in-house staff, if initially approved, we would then need to arrange for our external valuers to undertake a more formal assessment of your project. Subject to our review their report, we can then instruct our solicitors.
Legals
Our legal team will undertake the usual Searches, to assess the site for financial security purposes. If approved, they will produce the loan documentation for you to approve and sign.
Agreement and Funding
Once the above process is concluded, our loan will be ready to advance to you.