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
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.