Property Development Finance
Are you involved in the building industry or make a living from property development and refurbishment? If so, we have good news for you.
Funds are available for profitable projects that meet the criteria. Our Property Development and Refurbishment loans start from £50K upwards.
Under normal circumstances, we provide loans equivalent to 70% of the estimated Gross Developed Value (GDV) of the project. However, for experienced developers, and if additional security is made available, we can often provide funding up to 100% of all site purchase, development, and finance costs. We can also introduce mezzanine loans secured on a 2nd charge to provide any additional “top-up” funding.
Here’s a brief overview of our current underwriting criteria:
- We support all residential property types, including houses, terraces, mews, and flats.
- Applications should be supported by good evidence of demand in the local area.
- We can provide a long-term refinance option if you plan to retain the properties on completion.
- We can support mixed-use and commercial schemes, subject to a demonstrable demand on completion.
- Developments should demonstrate sufficient margin to absorb any possible future reduction in the anticipated Gross Developed Value (GDV) of the project.
- The borrower or proposed main contractor should have a good CV and be able to demonstrate experience in the sector.
We also offer Light and Heavy Refurbishments. Light refurbishments usually involve cosmetic changes to a property, such as replacing a kitchen, rewiring, or redecorating. On the other hand, heavy refurbishments are when structural changes are being made to the property, especially those that may require planning permission.
Different lenders have different products, rates, and criteria for both light and heavy refurbishment deals, which reflect their differing appetites for certain types of projects. As we have a large lender portfolio, we can source the best possible rates and deals for your specific requirements and unique situation. From mainstream high-street banks to specialist lenders, we’ve got you covered.