What is Development Finance?
Development finance is a property and land secured loan which provides funds to allow the developer to build his site or complete the refurbishment of a property.
What Restore Finance can offer you?
Some of the best rates on the market
Loans from £26k
Up to 100% of the purchase and development cost
Locations throughout the United Kingdom
Terms from 3 to 36 months
Residential, Commercial, Mixed Use
Detailed below is a more comprehensive review of our development finance products:
Development projects can be split into three categories:
Property Development Finance – The site may be purchased with either full or outline planning permission and then additional funds provided as the development is built.
Property Refurbishment Finance - Involves the purchase of a property and straight-forward refurbishment. Typically, these projects have a fast turn around and again funds are provided as the refurbishment progresses.
Property Conversion Finance - Involves more substantial work such as an extension, conversion of an existing property into flats, or some other structural re-modeling. This type of property conversion will almost always involve planning consent, building control, and sub-contractors.
Most development lenders require the client to be an established property developer. But if a novice can demonstrate that they are using experienced and reputable contractors then this will suffice.
Rates & Parameters
The rates and parameters for development finance are similar to those for bridging. However, most lenders will usually do 50% LTV if it is land (although we have several lenders who will do 70%) and up to 75% if it is a property that is being refurbished/ renovated. And most of our lenders fund 100% of the development costs.