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Barclays Property Development Finance, property development loans from Barclays bank.
Barclays Property Development Finance,
property development loans from Barclays bank
Barclays Property Development Finance
Barclays Property Development Finance, Barclays offer development finance for both residential and pre let commercial schemes, however although loans are available, it is normal for Barclays to only offer 60% of cost of development and land or site purchase, secured against the land or property, they also like to see borrowers put the 40% they have towards the development put in before they release their funding, most developers prefer to put their contribution is as the site acquisition and development progresses, generally speaking a high street such as Barclays will always offer a lower interest rate then a specialist lender however you should be aware that this can often be far higher overall when you take into account the full cost of taking the finance, this includes arrangement fees of 1-2% depending on how much they like your project, but also exit fees these can be as much as 2% of the GDV (gross development value) which can result in a considerable sum having to be paid when the properties are sold, many of the specialist lenders do not charge an exit fee at all so although the rates may look slightly higher when you look at the deal overall there can be little to choose on pricing, the other thing is when looking at Barclays Property Development Loans is the fact that they will only go up to 60% of costs this is far lower than a specialist who will go as High as 90% of all costs and more importantly they allow you to put your contribution in as you go along, which can have a positive effect on your cash flow.
The other aspect of Barclays Property Development Finance is that they like most of the high street lenders will only lend to experienced property developers with a proven track record who can show that they have completed and sold multiple developments in the past. With the specialist lenders we deal with they are far more relaxed about offering to fund to inexperienced, or developers with little experience, whilst most people tend to think of their own bank or a bank such as Barclays for property development finance there are actually over 80 other lenders in the UK who offer to fund for property development, for both residential and commercial developments subject to a pre-lease.
Target Mortgages are specialist development finance brokers, we have been assisting developers throughout the UK for over 20 years arranging property development finance we deal with all of the high street lenders and all of the 80 specialist lenders, providing your numbers stack up you can be sure we will be able to secure finance for your project whatever it is anywhere in the UK.
To move forward just give us a call we are here to take your call any time of the day or night 7 days a week, you can also text us or send an enquiry through our web form, we will then call to go through your project and be in a position to determine what lenders would be likely to offer and also discuss what interest rates and fees would be payable.
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