development finance for new developers
When borrowing finance, it is important to consider any additional costs. You should consider exit fees and legal fees as well as lender fees.
Developers or property investors may be looking to purchase property that needs work or development but cannot get financing from their bank. A bridging loan can be a viable alternative in this situation.
Once you have secured your land and have an idea of the cost and end values, it's time to call us to discuss your development plans. We will discuss your financial needs with you and help you choose the right finance products for your project. The type of development project will determine the amount. Once you have determined the amount of funds that you require, we will arrange your finance to meet those needs.
When borrowing finance, it is important to consider any additional costs. You should consider exit fees and legal fees as well as lender fees.
It is vital to comply with all building regulations and obtain the appropriate planning permissions. Your Local Authority Building Control Service can grant Building Regulation Approval. If you're building the house yourself, you are responsible for adhering to all regulations. If you hire a contractor to do the work, then responsibility falls on them. However, the owner may be served notices if any regulations are not followed.
This loan is used to finance a development project that is not yet sold. This loan can also be used by developers to provide some breathing room to finish minor repairs and to find buyers.
Professional checks will be required at each stage of development to verify that all building regulations are being followed and that works have been completed according to the expected standards. This can be done either by your architect, or through the NHBC.
When the project is completed and all properties have been sold, the total loan amount is fully paid using the profits.
