Development finance is available for both residential and commercial developments. Funding can be arranged from a small refurbishment project to large sites with a number of units.
Funding levels are typically up to 75% of purchase price and 75% of build costs. Albeit higher levels can be arranged if good levels of profitability are within the project. In these circumstances funding of 75% of purchase and 100% of development costs is the norm. 100% options may also be available.
Funding is generally on an interest only basis, with interest either covered monthly or rolled up on to the loan. Funds are drawn down in stages as the development progresses.
Funding can also be arranged to assist with purchases in development gain situations. In these circumstances once the planning permission is in place and higher land values are confirmed, it is highly likely that funding relating to 100% of the build costs can be put in place.