Top 10 Finance Ltd Rex House, 4-12 Regent Street, London, SW1Y 4PE
Consumer Credit License Number CCL 657619/1 FCA Regulated
We are registered and comply with the Data Protection Act (1998). Registration No: Z2861884 Company registered in England number 06261373
Property Development Finance is not Authorised or FCA regulated.
RBS Property Development Finance & Loans most Developers looking for an RBS Property development loan would likely be an existing customer of the bank, however with all high street banks the fact that you are an existing customer is not enough to get them to fund your property development, although if you were not an existing client with an RBS bank account it would be near impossible for them to offer you a loan, however if you are an existing customer, it would still not be enough for as with all retail banks they would need to know that you are an experienced property developer with many schemes completed within budget and sold on for a profit, it is very unlikely they would even consider a loan to a first time developer or one who only had a nominal number of developments completed in the past, as with all lenders property development finance is seen as high-risk lending and they are very cautious as to how they will offer to fund too, in the past RBS and other banks used to offer as much as 75% of costs with a maximum of 70% of the gross development value, this is not now the case with them at best offering to fund 50-60% of costs furthermore it is highly possible with RBS Development Loans that you will have to put your 40-50% in first or into an escrow account to prove that you have the funds to finish the project this will be used towards the land or site purchase and the balance will go towards the construction costs, they will also ask for cost overrun guarantees this is basically a guarantee from the borrower that if you go over budget you will not go to the bank and ask for further funding.
RBS Development Loans.
Obviously an RBS Development Loan with such strict lending criteria is not feasible for all developers who have limited funds and would prefer to put their cash in as the development progressive and or need more funding, at 50-60% funding you are tying up a lot of cash in one development, with additional funding at say 70-90% you could be doing two developments rather than having all of your cash tied up in one, this is where specialist funders come into play, there are many more lenders who are not high street names who offer property development loans, whats more they will go as high as to offer you 90% of all costs and will only need proof that you have your 10% which would be put towards site purchase, they are also quite happy to fund first time developers or developers with little previous experience.
If you are able to get RBS Development Finance you will also be expected to pay costs other than your interest these would include a surveyor which the bank will appoint to make sure your project is feasible by looking at your budgeted costs, check that the end values are realistic and that the price you are paying for the land or site is within the valuation, this will be all in the surveyors report to the bank and a copy made available to you. The bank will also appoint their solicitors to deal with the legal work checking the title and any restrictive covenants that the site may have.
RBS Property Development Finance.
If you are refused an RBS Property Development loan there are other options available to you Uk Development Finance work with many alternative lenders who offer property development loans, many of these lenders specialise in development finance and can offer far better terms of funding including a higher loan to value and also competitive interest rates, all lenders will expect you to pay some sort of commitment or arrangement fee this is one and the same thing and you can expect it to be in the range of 1-2% however a bank will also expect you to pay an exit fee on top of the interest rate, the fact that this will be 1-2% of the total project value can add considerably to your overall cost of finance, with an alternative lender you do not pay any exit fees so beware when comparing finance offers as you have to look at the whole picture, not just basic interest costs so an RBS Development Loan may not be your perfect solution.
RBS Development Finance.
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.
You can be assured of Great 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.
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