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Property Development Loans

Your bank may have hundreds of products and plans, Promise Money has over 10000!

About Property Development Finance

Whether you are an experienced property developer or somebody looking for a first-time project, we are here to discuss and liaise with you on every aspect of your scheme. We have a wide portfolio of lenders with a massive range of mortgages available to suit individual circumstances.


Typical development projects we look to fund:

  • Housing developments from single units to large sites
  • Apartments and flats
  • Part completed developments
  • Holiday accommodation schemes
  • Conversions – residential and commercial
  • Commercial developments
  • Retail units and offices

Lenders typically work to the gross development value (GDV), this is the end value of the development once finished and any funding agreed will be a percentage of this figure.

We can arrange with our lenders the following:

  • Land purchase and development cost funding
  • Stage draw down of development funds
  • Interest roll up – no payments due until the development is complete
  • Arrangement fees added to the loan
  • Flexible loan terms
  • 100% funding available with additional security
  • Mezzanine funding

Mezzanine Funding

When your clients need to raise additional funds toward a development we can arrange Mezzanine funding. This can increase the overall funding to 90% of the total development costs including site purchase.

Mezzanine finance is provided by specialist funders on a second charge basis, “topping up” a senior debt facility to complete the finance package.

Commercial and development finance is a complex area with numerous nuances. Please speak to an in house expert at Promise to find out the options available for you.

Find a commercial loan

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.

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