What is Development Exit Finance?
Development exit finance is used to repay outstanding finance against a property development once the project is complete. There are three main reasons why development exit finance is attractive:
1. Firstly, the existing development finance is coming to an end and sales won’t be completed in time.
2. Alternatively, where development finance can be expensive, development exit finance can be used to reduce finance costs to a lower rate. This is becoming increasingly popular as rates drop, with our development exit finance rates starting at 0.44% per month.
3. Finally, our products can be used to release capital from a development before sales come through, allowing you to move on to your next project. We can arrange funds very quickly where fast completions are required on new projects.
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Criteria
Below are the main criteria points to consider when taking out development exit finance.
| 1 | Loans from £100,000 with no maximum loan |
| 2 | Adverse credit accepted |
| 3 | Rates from 0.44% |
| 4 | Lending available across the UK |
| 5 | Terms available for up to 36 months |
| 6 | First time developers accepted |
How Much Can I Borrow?
We can arrange finance from £100,000, with no maximum loan. We can usually arrange up to 75% loan to value on residential or mixed use schemes, and can even push to 80% for certain residential developments.
How Much Will It Cost?
Options for development exit finance come from our extensive panel of bridging loan lenders, and our rates start at 0.44% per month.
Most lenders will also charge an arrangement fee, which will vary depending on the lender, loan size and loan to value.
How Long Does it Take to Complete?
We can usually complete development exit finance applications in 7-14 days. Our development finance experts will usually be able to quote an estimated completion time for your project during an initial conversation.
Call Us Today
Enquire online now or call us on 01922 620008 to receive advice from our development finance experts and to receive a fast tailored quote.
About The Author
This content was produced by our Commercial Lending Director, Gary Hemming. Gary has over 15 years’ experience in financial services and specialises in bridging loans, commercial mortgages, development finance and business loans. He is widely respected in his field and regularly provides expert commentary for specialist trade publications, specialist business press as well as local and national press.
Gary Hemming CeMAP CeFA CeRGI CSP -
Commercial Lending Director
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