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 provide loans equivalent to 70% of the estimated GDV of the project. In the case of experienced developers however, we can often provide funding of up to 100% of all site purchase, development and finance costs. We can also introduce Mezzanine Loans secured on a 2nd charge to provide any additional ‘top up’ funding.
For free, expert advice to help secure funding for your development project please call us today on 0330 808 8009. Our advice is offered freely, in confidence and without obligation.
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