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Light Refurbishment Development Loans
Refurbishment Development Finance is for a light refurbishment of a property; this would generally be described as redecoration and new fittings. It could also include things like a new heating system and rewiring etc. With this kind of Property Development Loan, you cannot do anything that is structural to the property.
Refurbishment Property Development Finance.
This type of Development Finance would cover the above, but could also include structural works. Obviously, you are now talking about a more serious scheme and all the complexities that structural works can bring to the development. Note this type of Property Development Loan will not cover heavy conversion projects where you create more than one property from the existing one.
Property Development Finance Conversions.
Probably the hardest Development Loans to get, unless you have plenty of experience. The problem here is that you cannot get an accurate account of what your costs are likely to be, and all Property Development Finance Lenders will take this into account when looking at a proposal you will also be expected to provide a warranty such as nhbc or other suitable warranty providers, in the past it was only nhbc however in recent years there have become many more options and most developers got for an insurance backed warranty which is often cheaper and less hassle.
Property Development Finance New Build.
New build Development Loans are generally available to experienced property developers only. Although if you are looking to develop a single plot there are a number of Development Finance Lenders who would consider offering Development Funding on the basis that you are selling the property when it is completed and you would need to use a fixed price contract for the works. If you intend to keep the property then this would be classed as a self-build (see next section) for Self Build Property Development Loans.
Self-Build Residential Property Development Finance.
Self-build Property Development Loans are completely different from traditional loans, and there are a number of specialist lenders who cater to this market. Generally, you will need to arrange a mortgage on completion and with traditional Residential Development Finance, you have to wait for 6 months before you can refinance the property.
UK Development Finance arrange property development finance for all types of development, we are used to arranging finance for both experienced developers who are looking for an alternative to their usual lenders, perhaps a high loan to value not available from high street banks, or as is often the case most lenders only feel comfortable with one outstanding loan at a time, in which case they would look to work with multiple lenders when working on more than one development.
We all so work with first-time developers who have little or no experience in developing a property, High street banks will not entertain anyone who has not completed multiple developments, however, we have many lenders who are happy to offer to fund to first-time developers.
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.
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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