Development finance is a short-term funding stream to finance the development of a property/ies, this could be from cosmetic changes right through to new build ‘ground up’ projects. The finance is structured to be released in tranches, with the first sum released for the purchase of the land or property, and the remainder released at key stages of the build.
Like bridging finance, there will need to be a clear exit strategy in place, this may be the sale of the property or re-finance onto a traditional mortgage. Hope Mortgage Solutions arrange the mortgage for the exit strategy alongside the development finance.
Survey and legal fees will apply, a typical lender arrangement fee is 2% with no exit fee.
Hope Mortgage Solutions work with specialist lenders to secure development finance for residential and buy to let properties in the UK and can work with inexperienced right through to professional property developers. Depending on the size and complexity of the project, lenders may require the borrower to have experience with similar developments previously.
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