What Documents Do You Need to Supply?
Documents needed for a Bridging or Development Loan
For a Bridging Loan, you will need to supply:
• Proof of ID - passport or driving licence. • Proof of Address – various documents can be used – eg. Recent utility bill (less than 3 months old) / driving licence / bank statement. • Bank Statements - your last 3 months bank statements.
For a Development Loan, you will need to supply:
• A Development Appraisal - your purchase price and costs, all development costs and final value. • Asset & Liability Statement - a list of all your assets owned, monies owed on these (if any) and the lender. • Development CV - your experience of relevant projects and the details regarding these projects. • Schedule of Works - details of all the work to be completed on the development, month by month with the associated costs.
• As well as the above that is needed for a bridging loan: proof of ID, proof of address, bank statements.
When it comes to applying for a commercial loan, being prepared with your documents can really speed up the process and get your loan approved faster.
At Restore Finance, we specialise in Bridging and Development Loans and can get you the best terms tailored to your project. So for a free, no obligation quote, email the RFL Team via enquiries@restorefinance.co.uk
