Property Development and Refurbishment loans are provided from £50K upwards.
A brief synopsis of current key underwriting criteria:
- All residential Property Types supported – Houses,Terrace, Mews, Flats
- Applications should be supported by good evidence of demand in the local area
- If properties are to be retained on completion a long term re-finance option can be provided
- Mixed use and Commercial Schemes can be supported subject to a demonstrable demand on completion
- Developments should demonstrate sufficient margin to absorb any possible future reduction in the anticipated Gross Developed Value (GDV) of the project.
- The borrower or proposed main contractor should have a good CV and be able to demonstrate experience in the sector.
Under normal circumstances we provide loans equivalent to 70% of the estimated GDV of the project however, for experienced developers and if additional security is made available we can often provide funding up to 100% of all site purchase, development and finance costs. We can also introduce Mezzanine Loans secured on a 2nd charge to provide any additional ’top up’ funding.