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Experienced development finance advisors.
Development finance got you fretting? Don’t worry; our expert commercial brokers are on your side, ready to find the best deal out there for you.
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Finding The Best Development Finance Deal For Your Circumstances
Development finance can be the ideal solution for property investors looking to fuel their projects. Whether you’re constructing new build houses or carrying out a commercial refurbishment, this type of short term loan can help you see the development through. However, the path to finance approval isn’t always simple, and you may be getting frustrated by the process. That’s where we come in! Our team of expert commercial finance advisors are here to ensure you get the funds you need to progress with your plans full steam ahead. With us on your side, development finance is easier than ever before.
What is development finance?
Development finance is a term used to describe a short term, secured loan that is provided to fund the development, conversion or refurbishment of properties during the build. The projects funded by development finance can be anything from new builds to property restorations. They work differently to standard mortgages, but can be a great solution for property investors who need short term finance to keep their project moving. Don’t worry; though it might seem complex, our expert development finance advisors will guide you through the process. Talk to us today!
Who can apply for development finance?
Development finance is normally applied for by the following people:
- Individuals.
- Partnerships.
- LLPs.
- SPV limited companies.
- Trading businesses.
- Overseas investors planning UK developments.
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We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.
We help you fund your project.
Don’t struggle on your own. Development finance functions differently to other forms of secured loan, and it can be frustrating trying to understand all the technicalities and implications – especially when you just want to proceed with your project! Our specialist team of commercial finance brokers are here to take away the stress. We’ll do our best to get the cash flowing and your project moving, whatever obstacles you face.
How much can I borrow through development finance?
The maximum amount you can borrow through development finance may be determined using the following factors:
- Day One Loan – an advance at the start of the development, limited to 65-70% of the property’s value.
- Loan to Cost – an advance as a percentage of the projected final development cost, usually 80-90%.
- Loan to GDV (Gross Development Value) – a loan as a percentage of the final gross development value, usually 60-70%.
For bespoke guidance on what you can expect to borrow through development finance, contact one of our specialist commercial brokers today!
Turning Your Nightmares Into Dreams
When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.
Do I have to pay interest during the loan period of development finance?
It’s rare for lenders to expect repayments during the loan term. Typically, lenders will allow you to roll up the interest during this time to keep costs low, and repay everything at the end of the term when the loan is repaid too. Of course, this will all depend on the amount of finance you need. The more interest left in the project at the end, the more interest you will amass. It’s important to get expert advice before committing to a development finance loan you’re not sure about. Working with a commercial loan advisor like When the Bank Says No can ensure you are getting the right deal for your circumstances.
Frequently Asked Questions
What are the key features of development finance?
Development finance can provide many benefits to property developers in need of short term funds. Here are some of the key features to take note of:
- It is a short term finance solution, allowing you to fuel your project and speed up progress.
- Rolled up interest allows you to keep monthly costs as low as possible during the project.
- Staged drawdown means you can draw funds as and when you need them.
Why use development finance?
Property investors and developers choose development finance for various reasons. Some of the common uses of development finance include funding the following projects.
- Development of an existing property to increase its value whilst keeping cash flow going.
- Ground up developments for land with planning permission but without adequate funds or where cash needs to be kept aside.
- Developments where an existing property is demolished and a new one is rebuilt.
- Buy refurb refinance – in this instance, development finance can enable you to release equity from a property and refinance on completion, e.g., to a Buy to Let mortgage.
What type of developments are eligible for development finance?
There are many developments that are eligible for development finance. If you’re concerned about your eligibility, the best thing to do is contact our professional commercial brokers and chat through the options available to you. Typically, development finance can be used on the following developments.
- Housing developments.
- Conversions.
- Expansions.
- Restoration projects.
- Apartments and flats.
- Retail units.
- Offices.
- Part completed developments.
- Commercial developments.
- Holiday accommodation.
- Fitness centres.
- Factories.
Specialist advice for development finance.
When the Bank Says No has helped property investors and developers across the UK and further afield access the finance they need to fuel their project. Whether you’re transforming a Buy to Let into a higher value property, or building a brand new commercial space, we’re here to help you achieve success with your short term finance application. We understand the market for development finance loans, and will work tirelessly to pinpoint the most suitable lender for you.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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