The maximum loan amount you can borrow is up to 60% of the proven Gross Development Value (GDV) of the finished development. Within this parameter, we can fund up to 50%-60% of the initial purchase and 100% of the build costs in stage payments. This is again subject to being sub 60% against the overall end value / GDV . E.g. if you are purchasing a development for £300,000 with 50% of your own capital, build costs of £350,000 and a GDV of £1,000,000 , we would fund the remaining 50% of the purchase (£150,0000) + 100% of the build costs in stage payments. Total loan £500,000 / LTV 50%.
As we lend our own funds, there are no set rates for our property developing loans. All loan applications are assessed individually and interest rates will be determined according to the following: The location of the development The loan to value % End Product Loan amount Previous experience Loan Term/duration Once the loan is live, Interest is charged on a monthly basis on the total amount drawdown, this is then rolled into the loan. We do not require our interest payments to be serviced monthly, unlike other lenders, it is simply paid upon the exit in one sum, whether it be a sale or refinance of the property.
We are unlike banks and lend our own funds throughout Africa on a range of property development projects. Bridgepro consultants can offer loans from 100,000 – 2,500,000. So if you need fast funding to start and finish a development project then give us a call.