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How to get a loan for property development

Loans for property development anywhere in the UK we work with over 100 lenders who provide lending facilities for the development of property, property development is the development of property for the purpose of selling on for a profit, this would include things such as refurbishment of houses or flats which are then resold for a profit, refurbishment of property would fall into two categories one is what is called light refurbishment and one called heavy, a light refurbishment would include upgrading items such as a new kitchen and bathroom and re decoration so basically giving the property a general update before selling for a higher price than was paid for it, this type of development would usually take about three months to get a loan for property development on this type of refurbishment you would normally get a bridging loan, the other type of refurbishment is what is known as a heavy refurbishment, this would include a strip out, re plastering, new plumbing and electrical works, along with a new kitchen and bathroom and decoration, this would usually take up to six months to complete before the property is put back onto the market.

 

Apart from refurbishment, there are two other forms of development, new build and conversion, loans for property development are available on both these types of development. New build development is basically as it says starting from the ground up everything's newly constructed, new builds are a favourite with lenders as you can be fairly accurate when working out your costs, lenders prefer to offer loans on new builds as there are fewer things that can overrun on costs. The other option is a conversion of an existing building development it could be converting a house or commercial building into apartments or a commercial building into a single dwelling such as a barn or farm outbuildings, this type of development is considered the riskiest as it is difficult to attain what your costs are likely to be until you start work on site, the fact is that very often a conversation development can cost far more than a new build so lenders tend to price these loans for development higher than they would for a new build or refurbishment project.

 

Who can apply for a loan for property development?

 

Loans for property development are provided by high street lenders but only for existing clients with a previous track record of development and only up to a maximum of sixty per cent of costs so you have to put in forty per cent of your own cash in upfront. Loans are also provided by a large number of specialist lenders, with these they do not care if you have not had previous finance with them they are only interested in the project that you are proposing and that you are capable of bringing the development in on time and on budget, even if this is your first time development they will look at your project and if it all stacks up a development loan can be made available to you, even developers with many years experience are turning to specialist lenders, as their rates are similar to a high street banks but they offer a lot more flexibility and a higher loan which can be up to 90% of all costs.

 

What can you do now?

 

As a master broker we work with all of the development loan lenders in the UK and due to the volume of business, we can often get preferential rates. We just need a quick chat with you to go over your loan requirements and we will then tell you which lenders would be interested in offering you a loan and at what interest rates they would be able to offer you.

 

Get in touch you can call us anytime 24/7  or fill in the form on this web page and we will contact you to provide your quote.

 

With over 20 years experience you can be assured of the very best help and advice from our team.

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