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Barclays Property Development Finance how to get Barclays Development Finance, Barclays property development finance is normally only offered to existing customers who hold a bank account with them, the lending is done through the Real Estate Team as opposed to at branch level, so enquires are usually made through a broker who will contact the team on your behalf this saves them having to deal with a vast quantity of proposals that would not fit their lending criteria, which would basically mean first time or inexperienced developers would be excluded, Barclays are quite strict on this requirement and would not even consider a developer without a strong previous track record of property developments.
Barclays Property Development Finance Interest Rates.
Obviously the bank is only ever going to offer the best interest rates on developments that offer a good profit margin and the development consists of good saleable stock in popular residential areas, rates can be as low as 4 % pa for the best sites barclays tend to be very selective as to who they offer funding to if however you are lucky enough to be offered funding you can expect to pay a commitment fee of 1-2 % this commitment fee will be based on the total loan value that you are offered and will be included in an offer letter outlining the terms of the loan, you will have to pay this fee as soon as you sign the acceptance letter as it commits you to the loan before the banks legal team start work, in addition to this will be an exit fee although this is not based on the loan value it is based on the resales values of the properties you are developing, in addition to these fees you will be responsible for the Surveyors fees who will carry out a full and detailed feasibility report this report will consist of a valuation of the land or site at the time of purchase, a detailed appraisal of all of the costs that will be incurred in the development and evaluation of the end units including projected sales program these are the costs that would be invloved in arranging your Barclays Development Loan.
If you are unable to get a funding from Barclays or their lending or a Barclays Development loan criteria does not work with your cash flow there are many other lenders to choose from one of the problems with Barclays is that they will usually not consider a loan that is over 60% of your costs and they will usually insist that your contribution is put on deposit when the loan is taken out, other lenders we deal with are not as stringent with this allowing you to use your cash as you go through the development, this is why more and more developers choose to go down this route.
UK Development Finance covers the whole of the UK and can get you quotes for your development finance from our lender panel who will not only lend to developers who are undertaking their first project but also experienced developers who are looking for greater flexibility from a lender and more competitive rates than those on offer from Barclays.
To get the ball rolling give us a call on 0800 138 6001 anytime 24/7 or you can talk to us on chat or complete the web form and we will give you a call at a time that is convenient to you.
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