When applying for Development Finance, lenders in this sector tend to be specialists and we have access to a large number to suit your needs. Maximum term is usually up to 2 years.
Ideally it is best that you have sourced the land and have planning in place before we approach Lenders. However we can obtain an Agreement in Principle before planning is obtained, if we have the following: –
- Purchase Price or Value of Land with planning.
- Outline details of the scheme.
- End Value of the site following completion. Letter or email from an Agent is useful
- Term required for completing and selling the properties.
- Outline Costs to include – Purchase Costs, Professional Fees (Legal, Planning, Architect and QS plus Building Control) and Build Costs plus a contingency to cover cost overruns.
- Your CV detailing previous sites you have completed.
Once planning is obtained a full application to the Lender can be submitted to include: –
- Lenders Application Form.
- Copy of Plans and Planning Permission.
- Breakdown of yours and your fellow Directors Assets and Liabilities.*
- Detailed costs for the project.*
- Agents Opinion
- CV’s for your Build Team ( Architect, Project Manager and Contractor – if applicable)
- Copy of the contract with the Contractor
*We can provide templates for these if required.
We will review the above with you before submitting to Lenders and attend any meetings they have with you, if required.