Development Finance is a short-term funding option, usually for between 1-15 months. It is designed to assist with the purchase and build costs associated with a residential development project. This can be a new build, refurbishment or conversion ranging from a single unit through to multiple units built in phases. The first element of the funding will often be used to assist with the purchase of the development site. This could be land where a number of new properties will be built or an existing property that will undergo a refurbishment / conversion . The second stage of the loan is used to pay for the build costs associated with the project. Funding for the building works will usually be released in drawn down stages, typically once every month
Our business loans cover a wide range of residential development projects from conversions to new builds, loans start from £100k to 2.5M.
As we lend our 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 every month 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.