Development Finance is short term funding, normally around 6-24 months. It is specifically for the purchase costs and build association with residential or commercial projects.
This can include new build, conversions or refurbishments.
A development loan will come in 2 parts, firstly one element to purchase the site or existing property for refurbishment. Second will be the loan to carry out the works/build and will be paid in stages.
How much funding can you get?
This will depend of 3 main elements:
- The current value of the site or property
- The build costs or works
- The gross development value once all the works/build is completed.
When looking into this each lender will have their own criteria and we will be able to advise you of the best solution for your circumstances.
How long will it take to secure development finance?
This can be secured fast and we will run over the timescales in our initial meeting, but it would normally take a few weeks.