OVERVIEW
Historically being developers ourselves, we are very comfortable in providing finance facilities secured against development sites or properties requiring large renovation or extension works.
These are also short term facilities, and are typically used to fund the full scope of works. For these types of facilities, funds are released in stage payments according to Quantity Surveyor (QS) reports.
Our in-house expertise enables us to lend to relatively inexperienced developers but maintain that they should employ a team with relevant experience to assist with what could be their first time build, including architects, project managers and contractors. Typical examples include:
To provide finance to acquire land with planning and provide development finance to support the build of a site when lending on future value (GDV).
To provide finance to refurbish a property when lending on GDV, including schemes with Permitted Development approval.
To provide finance to convert/ change the use class of a property when lending on GDV.
To provide finance to complete an extension on a property.
Unlike many of our peers, we are happy to provide development and refurbishment loans across England & Wales.
Criteria
STANDARD PARAMETERS
NOTES
LOAN SIZE
Ground up loans from £500,000
£300,000 - £10,000,000
LEVERAGE
Up to 70% (gross) day one; 70% LTGDV (gross); 90% LTC
TERM
3 months minimum interest applicable on any facility redeemed within 3 months
12-24 months
FEES
2% arrangement fee, valuation, QS and legal fees, £295 administration fee, no exit fee
Valuation fees payable directly to valuation panel manager
LOCATION
Across England & Wales
Geographically agnostic
Land with planning; assets with planning for residential use class; residential assets only for refurbishment
PROPERTY TYPE
Freehold; leasehold with 75+ years on lease; possessory title
TENURE
BORROWER PROFILE
Acceptable borrowers include: UK residents; UK companies; selected overseas companies with shareholders resident in UK
Overseas companies with non UK resident shareholders cannot be accepted