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Lloyds Property Development Finance how to get Lloyds Development Loans for the development of residential property, Lloyds Bank PLC used to be very active in the property development finance market until 2007 when the financial markets came to a halt, it then had to be bailed out by the UK Government due to an ill fated takeover of the Halifax bank, and only recently has it returned in to full private ownership with the government selling on the existing stake that was owned by UK taxpayers, Lloyds Development Loans are still being offered to developers but with tight lending criteria such as the developer has to put all of the cash into an escrow account before development funding is drawdown, this is not always a popular choice with developers as it ties up all of their cash on day one and leaves them no room to utilise the cash more efficiently, also it would be most unlikely that they would offer you any funding to develop unless you were none to them as an existing customer, furthermore they would not even consider funding a novice developer as the risks would be deemed just too high for them, even before the crash high street lenders would need to see a track record of previous projects completed successfully, on time and within budget.
Many existing clients still fund their schemes through Lloyds bank however there are now many more options open to them, one of the problems with development lenders is that they will not usually be keen to fund more than one development at a time so if an existing customer wants to carry out more than one scheme, then they would need to look for alternative funding,
This funding is now available from many sources including new lenders that entered the market after the crash, these lenders tend to have a more flexible approach and will offer far higher loan to costs with some even going as high as 90% of cost although you will have to pay more interest for this level of funding, we work closely with high street and specialist finance companies who offer loans to both experienced and inexperienced property developers, they will even offer to finance developers with no previous record of development.
Lloyds Property Development Finance.
If you can get finance Lloyds Development Finance then you will get a low-interest rate sometimes as low as 4%, however, other costs can mount up commitment fees can be up to 2% of the loan and also exit fees could be up to 2% bear in mind the exit fee is not based on the loan amount but the end value of the development or GDV this can make a big difference to your overall financial costs with Lloyds Development Loans, the good thing with specialist lenders is that many of them do not charge any exit fees at all, so even with a slightly higher interest rate the costs overall can be remarkably similar. All lenders will also want to appoint a surveyor to value and look at your costings in detail to make sure you can develop the site within the budgets that you have put forward, also to add to this you will be required to pay the lenders solicitors legal fees.
UK Development Finance is one of the top brokers in the UK we have arranged finance for hundreds of developers throughout the UK many who come back to us time and again to deal with the loans for them, we do not charge any broker fees as the lenders cover our costs.
Lloyds Development Finance
You can be assured of unrivalled service dealing with people who know the industry inside out both of our directors have successful development companies so we talk your language.
Call Now on 0800 138 6001 we are here any time of the day or night seven days a week or use our contact form or chat link to send us a message, we look forward to talking with you about your project.
Following the acceptance of your application for a residential development loan, UK Development Finance will be here to help guide you through the rest of the process. This will include working with the lender or their solicitors on your behalf to ensure that the process is as straightforward and comfortable as possible.
At UK Development Finance, we have over 20 years of experience and are dedicated to providing you with the best service to undertake your residential development projects. If you are either inexperienced or a developer with a proven track record, get in touch with us today by filling out our online form, sending an email or having a chat with one of our customer service advisors to find out your options now.
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