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.