What is property development finance?
Property development finance is short term funding for many different types of property based projects.
It is similar in nature to a bridging loan as it is short term finance that can be arranged quickly. Typically, loans are available to fund the land/building acquisition and the development costs, over a six to eighteen month period.
Funding for the development costs will be in stages as the build progresses. You will usually pay only the loan interest during the term with the lender requiring full repayment on completion of the project or exit plan.
The funds raised can be used to purchase and build on land, for renovations and conversions and also for property auction finance. The completed project can be residential such as family homes or commercial such as shops and offices.
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DRAKE MORTGAGES ARE EXPERT BUY TO LET MORTGAGE BROKERS
We are perfectly placed to help you find a buy to let mortgage solution that matches your property needs for individuals, families, investors, landlords and Limited Companies.
We are experienced whole of market brokers who can help you get a great holiday let mortgage.
We can also give you access to exclusive schemes and some specialist lenders who don’t deal direct with borrowers. Loans are available to individuals and SPV’s upto 75% and we can help with Scottish properties, mixed use, multi-lets and Airbnb.
Our holiday let mortgage brokers know the lenders and their lending criteria well, enabling us to guide you to the best holiday let mortgage solutions
Bridging loans are one of the most useful, multi-purpose, types of lending solutions available. You can get a bridging loan approved on almost any property for almost any reason. Great for auction purchases or snapping up a buy to let bargain.
And we can arrange them really fast.
Development finance is designed to help with the purchase and build costs for a residential development project.
Solutions are available for change of use, ground-up projects, refurbishment or major building work and property extensions.