Looking for Property Development Finance or a Bridging Loan we specialise in arranging loans for Property Development Finance and also Bridging loans for short-term finance, whatever your requirements we are here to assist.
As one of the largest brokers in the UK we can not only arrange your finance quickly we can compare all lenders to get you the very best rates available for you. We also have deals that other brokers cannot get access to with special rates and offers.
We arrange Bridging loans and development finance for individuals and businesses across the UK, and pride ourselves on the rates and service we are able to offer our clients
As a master broker we work with virtually all of the lenders in the UK, this enables us to get discounted rates of interest that we then forward on to our clients, in addition this also allows us to operate as a no fee brokers, with all of our fees paid by the lender only when you have your loan paid out.
Bridging Loans & Finance
A bridging loan is a short term loan that is used to acquire a property, to bridge the gap they can also be used as a means of releasing capital in a property, they are also frequently used by property developers instead of traditional development finance. In addition to a monthly payment for interest arrangements fees are also payable.
Bridging finance is also used to buy property at auction as they need to complete the purchase quickly and a bridging loan is the only finance option available to do this once a bid has been accepted the buyer only has 28 days to complete the purchase otherwise the deposit is lost.
Bridging loans can be completed in a very short space of time compared to other types of finance, some in as little as a week from the initial application. This makes them perfect for short-term funding that needs to be drawn down as a matter of urgency.
Our team of consultants have been completing bridging loans over many years and are used to dealing with the fast pace and requirements that are needed to get loans through on time and will as little effort as possible.
Some reasons to take out bridging finance.
A Bridging Loan for a Residential Property purchase or your existing home.
This is a commonly used option for a bridging loan, they can be used if you are in a property chain and one of the purchasers pulls out and you are in effect left without a crucial link in the chain to complete your purchase before selling the property a loan will enable you to carry on with your purchase without the need to wait for the person who has pulled out.
You would also use one if you wanted to buy a new house but have not found a buyer for yours, or even if you have yet to market your own property.
Auction purchase Bridging Finance
After buying a property at auction you only have 28 days to complete, the auctioneer will want a non-refundable 10% deposit on the loan amount and you will have exchanged contracts and you will have to do all of the legal work and pay the 90% balance within 28 days of the auction. Buying at auction would be impossible using a traditional property mortgage.
What you would do in this situation is arrange a bridging loan and complete the transaction and then you would have time to get a mortgage in place to pay down the bridging loan.
Renovation of a property in poor condition
If the property you are looking to buy is in poor condition some mortgage lenders will not offer a mortgage on it, the only option available in these circumstances is to purchase the property with bridging finance carryout the works that are required to bring the property back into a mortgageable condition and then refinance with a long-term mortgage.
Buying undervalue property
When a property you wish to purchase comes onto the market at a cheap price it is usually because the vendor wants a quick sale. This is perfect for a bridging loan as you can make an offer and set a clear timescale for completion without waiting for a mortgage. This will give you an advantage over other buyers and bridging lenders can move very quickly to get you your funds.
Business cash flow
Often businesses require additional funding it could be bills or a requirement to expand or even buy new plant and machinery, if you have a property with equity in it then short-term finance is available to you with a bridging loan at a rate of interest as low as 4% per month.
Bridging Loans & Development Finance Specialists
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Property Development Loans
We can provide property development finance for any type of property development in the UK
This includes new build from the ground up, conversion of an existing building into individual residential units, the refurbishment of an existing dwelling and also commercial developments with or without a residential element. the financial services we offer cover all forms of commercial finance. Finance packages are available to cover most types of development.
We specialise in all sorts of development loans and finance for either first time borrowers or the more experienced developer with a proven track record. We pride ourselves on the fact that we can package your requirement so that you have the best chance of getting your loan at the most competitive rates available. In order to do this, we will go through your requirements and make sure the lenders have all of the information they require on day one. This includes going through the numbers looking at the scheme and presenting your case in the best light possible.
Because we work will all of the specialist lenders as well as high street banks you can be assured you get all of the options available to you and maximise your profits with some of the best interest rates in the UK. Our team of experienced consultants know the industry inside out and will always do everything in our power to achieve your objectives.
As one of the leading brokers in the UK we will always compare the whole of the market for you we also have access to some special deals that you would not find anywhere else, this is due to the volume of loans that we complete with lenders.
You should also be aware of the following requirements.
If you are doing a light refurbishment then normally you would not need planning permission providing you are not doing structural alterations in which case it could be a requirement and if so you would also require building control approval, light refurbishment would be seen as new kitchen bathroom etc, note in a leasehold flat you would also require leaseholders consent.
For a conversation into multiple units planning approval would be required by the lenders, conversions are generally more difficult to finance as their can be many unknown costs that only come to light once the work has commenced.
With a new build you would normally need full planning permission although outline can be acceptable it is difficult to put a value on the site until full planning is in place.
Lenders would want to see a full appraisal of your costs for the development including purchase cost of the property or development including associated cost such as stamp duty solicitors fees and any other associated costs architects payments to the council, demolition costs etc.
This should also show renovation and or construction costs, selling fees, finance interest payable and your profit which should be a minimum of 20% on all costs.
You will also need to provide a detailed cash flow showing what you are going to spend on the development and when the spend is likely to occur. This will need to be in a spreadsheet so that a lender can quickly see that the project is feasible, we are experts in arranging development finance and so can package your application in a professional way that will ensure you get the best chance of getting your loan with the minimum amount of effort.
If you intend to employ a builder to carry out the works and it is a new build or conversion a lender will also want to know that the builder has a proven track record of doing this kind of work, is established NHBC Registered or other orginisation and also that you will be employing them on a fixed price contract and that all of the costs have been taken into account.
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