We have a broad panel of diverse development lenders and expert advisers who will be able to find you the best finance available.
Recently there has been a number of specialist lenders expand their products to include Development Finance, which means that there is greater competitiveness within this market. This has lead to greater complexity within this field, resulting in the need for an experienced broker like Connect, who have access to the whole of the market, to secure the best deal for a client. The properties do not have to be residential, as we can provide development finance for commercial properties, whether it be from a plot of land or an existing property.
Whilst experience of the client is key for a number of lenders, we can also support an application on a Joint Venture basis where this is required.
Typically lenders will lend up to 75% of the Gross Development Costs, providing 100% of the build costs. It is important to compare all the costs associated with the finance, as lenders will charge an arrangement and exit fee. That exit fee maybe on the finance provided or the Gross Development Value. Typical rates are 7% pa, however, for the experienced developer this can be considerably lower.