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The vital information you need on development loans
The property and land development market is booming, providing a lucrative opportunity for businesses that understand the sector. But even with the expertise and a successful business, it can be a challenge to get projects with potential off the ground. This is where development loans can help.
What are development loans?
A land development loan is a loan that’s dedicated to providing funds for turning raw land into building sites. It gives you the funds in advance to finance projects, whether they’re to build commercial outlets or a residential estate.
Development loans are usually a secured form of lending, meaning you need to have valuable collateral in order to make a successful application but there are unsecured options available. The finance received can then be used for making, installing, or constructing the improvements that need to be carried out before the building work can commence. With the land development process typically covering many different aspects, you can use development loans at various stages of the project.
Development loans can be used to fund new builds, conversions, renovations, and extensions, giving you the freedom to work on a range of development projects.
In most cases, development loans are not used to fund small scale developments – here a bridging loan is often the better solution. Instead it focuses on large projects that are on a commercial scale.
How do you get a development loan?
Development loans are awarded in the same way as others, you’ll need to prove that you can meet repayments. However, you’ll also need to show that you’re capable of handling the size and complexity of the project you’re working on. Experienced developers that have a proven track record are far more likely to access the best interest rates on the market than newcomers. Developers that own other property can secure their development loan against existing assets to further access competitive rates.
Property development loans will typically cover a portion of the overall costs, split into plot purchase and build where necessary, allowing businesses and developers to expand more rapidly.
As experts in the lending sector, we can help you secure the development loan you need to finance your project, whether you’re converting old warehouses for residential use or you’re starting from scratch to build a commercial hub. Our well-connected advisors can instantly put you in contact with reliable, established lenders all over the country, streamlining the process of finding that all important development loan.