Our aim is to help you to choose the right development finance lender for your project. Our lender comparison tool allows you to quickly compare terms and criteria from multiple lenders and apply online straight away.
How We Help You To Secure The Lowest Rates
Using our property development comparison tool couldn’t be simpler. Follow our 5 step process below to secure the lowest rates on your next project.
- You compare lenders, finding the most suitable option for your scheme and apply online.
- One of our experienced advisors will cross-check your application to ensure your project meets the lenders criteria fully. While checking the application, they will double check the application to ensure the chosen property development loan is the most suitable for your needs.
- All required documents will be requested and the full application is submitted to the lender.
- We help you throughout the application process to ensure everything runs smoothly. Should any issues arise, we will be on hand to offer advice and support as needed.
- Your development finance application completes and your funds can be drawn down.
Who Can Apply?
Applications for property development loans are usually done in the name of an SPV Ltd Company. This is a company set up solely to deliver the specific project.
Applications can be made in sole names, LLPs or Ltd companies.
Regardless of the structure of the application, lenders will generally look at the experience, financial situation and history of the applicants/people behind the company. Usually, personal guarantees are required as additional security for the lender.
When Should You Apply For Development Finance
Property development finance is usually only usually available for sites with full planning permission, so applying once planning is in place is wise.
Should you need to apply before full planning permission is granted, enquire online and talk to one of our experts who will be able to structure your application. We will usually still be able to fund your development, but specialist advice will be needed.
How Much Can I Borrow?
We offer development finance from £26,000 with no maximum. Most lenders state set maximums but are willing to be flexible for a particularly strong scheme.
If your loan is particularly large, enquire online now and one of our property development experts will talk through your requirements in full.
How Long Does It Take?
Completion of your application is usually achieved in around 6 weeks. If you need the application to be completed particularly quickly, inform our advisor upfront. Your completion deadline will then be taken into account when considering whether the chosen product is suitable for your needs.
Once the lender is happy with your project, you will have to wait for the following to take place prior to completion:-
- Lender site visit.
- Valuation of the site.
- Credit committee approval.
- Completion of the legal work.
Repaying Your Property Development Loan
Repayment of your loan is usually achieved through one of the following routes:-
- Sale of the site
- Refinance to a term loan
- Refinance to a developer exit product whilst the site is sold
Whichever route you are planning, it is important that your exit strategy is clear upfront. Lenders will want to make sure you know exactly that your plan is secure.
If you’re planning to refinance and hold the properties, inform your ABC Finance Ltd development finance consultant upfront. They will be happy to give you an initial overview of likely costs to help you in projecting future income.
Having the exit lender tied up upfront will help your application as it shows the lender that you are prepared and all bases are covered.
Development Finance For Overseas Applicants
We can fund UK property developments for overseas applicants. Applications can be for foreign nationals, expats and can be agreed even if the applicant has no ties to the UK.
The applicants would usually have to set up an SPV Ltd Company to purchase the property and complete the transaction for the loan to be agreed.
As this would be classed as a very specialist transaction, discussing your circumstances with one of our experts prior to application would be advised.
Commercial Development Finance
Commercial property development finance is designed to allow developers or business owners to build a new commercial property. When looking to fund the build of a commercial property, finding the right lender can prove more difficult with most lenders favouring residential developments.
We work with lenders across the market, which are keen to fund commercial and mixed-use schemes across the UK. We do the hard work for you, scouring the market to find the lowest possible rates, and in most instances do not charge broker fees.
Apply Online Now
Select the most suitable lender for your project and apply online now to start saving money. If you’re not sure which product would be best for you, call us today on 01922 620008 or enquire online. We can talk your project through and help you to secure the lowest rates for your project.