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Frequently asked questions about development finance

by | Aug 14, 2019 | Brokers, Client Lenders, Clients

What is development finance?

Development finance is funding for property construction projects, from new-builds to extensive conversions and renovations. It is a niche area of the property finance market, which is why we have carefully selected only a few specialist principal lenders with many years’ experience lending in this sector. The right development finance is crucial for any property construction to be a success. Development finance loans can range in size from £100,000 to £2.5m.

Who is development finance for?

We offer development finance for primarily residential, but also business and mixed-use schemes. Our development finance is split into two categories:

  • Rebuild – finance to facilitate comprehensive structural changes to an existing property
  • Land – finance to fund an entire development project, from the purchase of land through to the completion of the new-build

What do I need to bear in mind with development finance?

Major changes to properties require planning permission. Before searching for finance, ensure you have the right planning approval in place, as your plans and budget may change. When trying to obtain finance, we recommend you apply for slightly more than required for your build to accommodate unforeseen costs that might arise. Finally, when building, compare multiple quotes for your building costs to ensure you are getting value for money.

 

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