Development Type – New builds, conversions, or refurbishments in locations of strong demand
Commercial Tenants – Office buildings, retail units, Industrial properties
Minimum Loan Amount – £500,000
Maximum Loan Amount – £20,000,000
Maximum Loan to Value (LTV) – 70% including fees and interest (higher LTV with additional security)
Maximum Loan to Gross Development Value (LTGDV) – Up to 70% gross with pre-let, strong covenant or committed pre-sales
Build Costs – Up to 100% on stage payments paid in arrears upon QS certification
Loan to Cost (LTC) – Up to 85%
100% Development Finance – Available with additional security
Loan Term – Typically, 12-36 months
Security – First charge. Second charge; directors personal guarantees; mortgage debenture on a case by case basis.
Arrangement Fees – 1-2% of gross or net loan amount
Exit Fees – 1-2% of gross, net loan amount or GDV
Development finance rates – From 4.5% per annum (on drawn balance)
Monitoring Surveyor – A Quantity Surveyor to be appointed to produce the initial due diligence report to include an assessment of build costs, the professional team and project viability
Repayment – From refinance onto term loan or sale of property
Lenders – As a specialist property finance broker, we access the whole of market
Planning permission – Full planning consent required
Pre-drawdown conditions – Fully/significantly pre-let or pre-sale required