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Moneyfacts.co.uk has chosen B2B finance to offer a Property Development Loans brokerage service. B2B are experts in business finance offering exclusive products and access to a range of lenders from high street banks and specialist lenders. Their experienced advisers provide excellent customer service and have the knowledge to match your business finance needs to the right commercial lender. Any legal or contractual relationship will be with B2B finance.
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Property development loans are a type of short-term lending that allows a developer to finance renovation or refurbishment of a property.
In the current tough economic climate you must be able to demonstrate very strong credentials to secure a loan, having one or more of the following:
Property development finance tends to have higher set-up fees than commercial mortgages. Money can be released in stages and repayments can be deferred until such time as you sell the property, or secure a commercial mortgage based on the final valuation after work has been completed.
You may be able to get a commercial mortgage that will lend on property development. However, the distinct advantage of a specialist short-term loan is that you may be able to get the funds you need quicker, over a shorter term (where the loan is easier to redeem if you intend to develop and sell).
Look into planning permission as early as possible. Obtaining this from the local council can take a good deal longer than you might anticipate, whilst potential financiers will be encouraged if this is in motion or already in place by the time you approach them with details of your development plan.
Look into planning permission as early as possible. Obtaining this from the local council can take a good deal longer than you might anticipate, while potential financiers will be encouraged if this is in motion or already in place by the time you approach them with details of your development plan.
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