Development Finance
Planning to undertake a large building or regeneration project? If the answer is yes, then you’re going to need to make some important funding decisions. It is imperative that you make the right choices for your project, choosing the right property development finance.
A development loan is a short-term funding option, usually for between 6-18 months. It is designed specifically to assist with the purchase costs and build costs associated with a residential development project.
Specifics
First element of the funding package
Used to assist with the purchase of the development site. This could be land where a number of new properties will be built or an existing property that will undergo a refurbishment.
Second element of the funding package
The second stage of the loan is used to pay for the costs of the build works associated with the project.
Can i get it?
The amount of funding that can be provided will be determined by a professional valuation report that will provide 3 key numbers:
- Current value (Prior to refurbishment)
- The building costs
- The gross value (After refurbishment)
