A Bridging loan for property development is now a popular choice for property developers as the high street banks have all but pulled out of property development finance apart from giving existing experienced developers funding and only if they are existing clients with a track record of development this would be seen as someone who has completed at least five developments, so developers have started using bridging loans for property development of their schemes, bridging loan providers have also adapted to this market and now offer financial products that are exactly the same as traditional property development finance, even allowing drawdowns of funds so interest is only paid on the amount that is outstanding at any one time.
They also offer competitive interest rates and are far more relaxed about who they will lend to including borrowers with little or no track record of property development, they will also offer bridging loans for developers at far higher loan to value than a bank some even go up to 90% of all of the costs you incur in the development a high street bank would never offer funding at such a high loan to value, most will only ever offer up to 60% of your costs and then want you to put your forty per cent in on day one often this means you will have to fund the acquisition costs out of your own pocket and in the real world only get finance for the build costs, by using a bridging loan for property development you do not have to do this as long as you can demonstrate you have the initial capital to put towards the land/site purchase they are fine, also another advantage of developers using bridging loans is that high street banks and property development finance lenders will tend to want an exit fee of 2% of the gross development value bridging lenders do not charge exit fees just arrangement fees, so what looks like a good interest rate from a bank does not look so good when you look at the overall package.
We specialise in arranging bridging loans for property development and can get you the very best deals from our list of prefered lenders.
Give us a call or use the contact form on our website to get your development funded at the best rates we can talk to you 24/7 so contact us now for a quote.
Note Bridging loans for property development and not FCA Regulated
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