For anyone involved in the building industry or earning a living from Property Development and refurbishment, funding can be a significant problem or hindrance to progress. That is why access to the right funds is essential. You would be glad to know that we can make funds available for projects that can prove their profit potential whilst meeting our necessary criteria. Our loans for property refurbishment and development start from a baseline of £50K upwards.
Here is a summary of current critical underwriting criteria that this finance supports:
- All types of residential properties. These include detached houses, apartments, terraced houses and mews.
- Each funding application should come with substantial evidence that proves there is a demand for the property available in that local area. This criterion is essential to access the fund successfully.
- To have property retained after its completion, you can consider taking out a long-term refinance loan to support your next project.
- The fund can also support mixed-use developments, as well as commercial projects only if you can provide sufficient evidence that shows there is enough demand for the project after it is completed.
- Each development should make enough room to absorb any unexpected future reduction in the Gross Developed Value anticipated for the project.
- Also, each borrower or main contractor proposed should be able to provide a good CV. Besides, each borrower should also be able to demonstrate enough experience in the required sector.
Ordinarily, for seasoned developers, we offer loans that are equal to 70% of the projected Gross Developed Value project. However, if a developer is able to make enough additional security available when applying for the fund, it is possible to raise the percentage value from 70% to up to 100%. Plus, this is also enough to cover all site purchase, developments, as well as finance costs. If there is a need to provide extra funding for the project, it is possible to go down the route of securing Mezzanine Loans with us. The Mezzanine Loans would normally require a second charge to serve as an additional finance or funding source.
Is your head buzzing with numerous questions? Are you unsure what your first or right move should be? There is no need to worry, we are here for you, as we can give you free professional advice to help contractors, developers, and businesses secure the right funding for all their development projects. All you need to do is to call us today or make all your enquiries and questions available, and we will be more than ready to contact and assist you. Plus, there is no need to worry about added charges, as every advice we offer is free, remains in strict confidence, and comes without any obligation.
Get In Touch
Let Us Help You
If you need any further information please do not hesitate to make contact with us to discuss your project in depth. You can give us a call us at our Birmingham office on 0121 663 6201 or email us on mshephard@whiterosefinance.co.uk Alternatively, you can fill in the form below and a member of our team will get back to you.