Renovation? New Build? Conversion? Part-build? Whatever ever it is, property development finance can fund your building projects. Private lenders can source finance for residential, commercial and mixed use buildings.
Property finance has no set rates, which is where a private lender will come in. They will have access to the entire market and will be able to work with a team of specialist property development lenders who will negotiate the best rate for your project.
The best lenders will assess each application individually; therefore they can give an accurate lending price which is suited according to the strength of the development proposition. Find out how to get on the property ladder.
How much can you borrow?
The loan amount will depend on a percentage of the GDV at the end of the work. A private lender typically works with developers to fund as little as £100,000, as well as providing finance for projects as big as £2.5m. Find out about rates.
Loans will normally be structured to ensure that the developer’s contribution is secured upfront, so the lender will provide the majority of the funding.
Hunter Finance has a 5 step lending process, making it easier than ever to get authorised for your property development finance. Contact us for more info.
Below is each of the steps:
Before a private lender can finance your project, they will need to know more about the development and the type of finance that is required.
After the initial conversation, they will be able to produce an ‘offer in principle’ which will set out the terms and conditions of the loan. Call 01825 749721 today.
- Surveyor Report
Once the offer has been accepted, a surveyor will be able to start their desktop study. A site visit will then be arranged to produce a development viability report.
- Legal Process
If everything from there is positive, the legal process will begin. Solicitors will go through searches and assess whether or not if the title is clean, ensure that the 1st change is secure.
- Live Loans
After this, the loan will begin. The fastest turn over time to money being transferred is 10 working days.