Development Finance is available for both to finance the building of new properties as well as those which require major refurbishment/structural works.
Each project is different due to the large number of variables involved in the projects and with over 3 decades’ experience working with property developers Simon is well placed to assist in finding the most appropriate options needed for the development to take place.
CFS has relationships with a large range of loan providers including the Clearing Banks, where a project meets their criteria, to property development lenders of varying size. So whether the project is for a pair of semi-detached properties or a dozen detached properties CFS will (providing the project works) find a suitable solution for the client.
The level of funding available from a lender is based upon:
- The value of the existing site.
- The costs involved in completing the project.
- Whether the project is completed in stages or at one time.
- The time required to complete the work – the longer the term the higher the finance costs.
- The end value of the new builds i.e. Gross Development Value (GDV).
Most lenders will require:
- Full details on all of the above.
- An experienced client with an appropriate project management team.
- Good credit track records for both the business, if a company is involved, and the individuals.
- Realistic cost projections including contingencies.
- A sensible level of cash input by the client whether this be cash or an unencumbered site.
For any queries just contact us.