Mixed use properties are made up of both residential and commercial units, often heavily favouring any residential element. For example, a block of 20 apartments, with a retail unit on the ground floor.
Funding mixed use schemes is very similar to a purely residential scheme, but demand for the commercial element will be closely scrutinised. Some lenders will even insist on pre-let or pre-sale agreements on the commercial units.
How Much Can I Borrow?
We offer funding from £50,000, with no maximum loan. Development funding applications are considered on a case by case basis, based on the strength of the application, with the interest usually rolled into the loan.
As there are usually no affordability restrictions due to the rolled-up interest, the maximum loan is usually decided by the lender’s maximum loan to GDV.
How Much Will It Cost?
We offer funding for residential property developments starting from 4.5% per annum. Generally, interest rates will be lower for larger, lower risk loans.
Although the size of project can’t be controlled, interest rates can often be reduced by requesting a lower loan to GDV.
We scour the whole development finance market to secure the lowest rates for every application that we work on. As loans are often priced individually, it can be hard to predict the rate for your project. We can usually offer full, lender backed residential development finance terms within two hours of your initial enquiry.
How Quickly Can I Complete?
We can usually complete residential development finance applications in around six weeks, although this can be reduced for urgent applications.
It is advisable to apply for your funding as early as possible to allow as much time for completion as possible. Some lenders tend to work much faster than others. By working to a tighter deadline, you may find yourself unable to work with certain lenders, due to the time it takes them to complete an application.