Here is a brief synopsis of current key underwriting criteria:
All residential property types supported – houses, terrace, mews, flats
Applications should be supported by good evidence of demand in the local area
If properties are to be retained on completion a long term re-finance option can be provided
Mixed use and commercial schemes can be supported subject to a demonstrable demand on completion
Developments should demonstrate sufficient margin to absorb any possible future reduction in the anticipated gross developed value (GDV) of the project.
The borrower or proposed main contractor should have a good CV and be able to demonstrate experience in the sector.
Under normal circumstances we are able to provide loans equivalent to 70 per cent of the estimated GDV of the project, however, for experienced developers and if additional security is made available we can often provide funding up to 100 per cent of all site purchase, development and finance costs. We can also introduce mezzanine loans secured on a second charge to provide any additional ‘top up’ funding.
For free, expert advice to help secure funding for your development project please call our team or submit an enquiry and we will contact you. Our assistance is offered freely, in confidence and without obligation.