Have you tapped into the lucrative development finance market yet? We are handling large cases where introducers stand to earn £50K on one deal so, if you receive an enquiry, here are a few points to remember:
Now is the time. High street lenders are behind target with their ring fenced funds and offering rates from 0.5% per month – that’s around half the rate available in the secondary market.
Your clients can save fees and valuations if we can arrange the development and exit finance with the same high street lender – This is getting very popular.
We can help you place most development enquiries from a self build project in the back garden to a finance package for a 5 star luxury hotel.
Don’t get bogged down with detail – our specialist lenders are keen to look at the quirky cases and we can support you or deal with your client for you.
I recommend you look out for this type of business from your clients and introducers. New build property numbers are now 141% above the March 2009 low, getting back towards the peak of 2007 and every single project requires funding support.
We can only see this market segment going one way. To help you exploit the growth, we have a comprehensive panel of lenders ready and willing plus we will support you as much as possible.
Please contact me as soon as you receive a potential enquiry so we can get your enquiry in with the best lender first.
2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
£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
£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.
£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.
If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. 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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