Finance Articles

Residential Property Development Finance Can Vary

When looking to take out residential property development finance the most important point to remember is that the rates of interest can vary considerably. Finance for development purposes is nothing like a personal loan and the terms and conditions of it go on the individuals circumstances. You get a lower rate and better deal the more experience you have. What you are intending to do will also go a long way to determining how much finance you will get.

The majority of lenders will give you an interest rate of around 1.5% and 2.5%. When it comes to getting the cheapest rate a specialist will be able to shop around with the whole of the market place to find you the best deal. Lenders are more tolerant of brokers and will allow negotiation to get the cheapest rate of interest based on the circumstances of the individual and their proposal.

The actual terms that residential property development finance is offered over will basically depend on the size of the project in question. Large projects which require substantial financing are often taken over many years and in this case the lender will propose an interest only loan. This means that throughout the period of the loan you will only be repaying the interest that accumulates on the loan. This will come with cheaper repayments than a repayment loan each month. There is a downside to this, when the term of the loan has completed you will still have to pay the capitol which was initially borrowed. A lender will want proof that you have the finances to repay this in total.

If your project is only small then you could consider a repayment loan. The biggest advantage to this is that you will pay off the interest and the capital throughout the term of the loan. By paying both back the monthly repayments will be bigger than those of the interest only, but once you have completed the term the loan will be fully paid back.

Finding residential property development finance that gives 100% finance can be hard. The criteria which a lender sets out will be harder to meet. Typically you can expect a lender to offer around 70% to 75%. This will be determined by loan projection costs, if the developer has plenty of past experience in similar projects and can show excellent projections then 100% might be given. When expecting to get the best rates a broker should always be used. Lenders prefer to work alongside a broker rather than an individual unless of course the individual has great experience in property development and the options for financing.

Residential property development finance should be given some serious thought. Sometimes a project will run into tens of thousands of pounds and so the best advice is essential. A specialist will always be there to help give you this advice every step of the way and work with you from start to finish. The fees that come with a broker can be well worth it in the end for the stress, time and money that can be saved.

Sean Horton is a Director of Enhanced Wealth (http://www.enhancedwealth.co.uk), a whole of market mortgage broker and IFA specialising in mortgage advice and the associated areas of income protection, mortgage protection, mortgage life cover.

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