Property Development Finance

Introduction

Sterling Capital Reserve Limited has many years experience in securing Property Development funding for clients. With the High Street banks now reluctant to agree any speculative development lending, even for long standing experienced customers, we have access to specialist lenders that can provide the funding you need.

Eligible Clients

Property development finance can be sourced for experienced property developers and private builders. Applicants need to be able to confirm they have past experience in undertaking developments of the size that are seeking funding on. i.e. They have bought either land or buildings in the past, developed the site and then on sold or converted successfully onto Buy to Let finance.
We do have lenders that will look at proposition where by there is a strong build team in the background that will work with you if you have not done a development in your own name in the past.

Please give one of our Consultants a call to discuss on Free phone No. 0800 0735353.

Purpose

Property Development Finance is available for:

• Commercial development (Pre let or pre sold agreements are normally required)
• Residential development finance (New build, conversions, extensions)
• Mixed development of Residential and Commercial ( Pre let or pre sold agreements are normally required)
• Property Trading (Acquisition, refurbishment and onward sale).
• Investment Portfolios

Criteria

• Loan Size £100,000 - £5 million
• Term Up to 24 months
• LTV up to 50% of Land Purchase Price or Site valuation.
• 100% of build costs
• In general overall lending not to exceed up to 55% of the end value, including interest roll up.
• Lender's surveyor will monitor work done, costs and timetable.
• Stage payments are usually released on monthly certification in arrears.
• Sites to have detailed planning in place before purchase of land and drawdown of build costs loan.
• As a guide, projects should show a minimum of 25% profit on cost.

Applications to Lenders

All Property Development Finance cases are supported by professionally prepared credit applications, thereby significantly enhancing the chances of our clients securing the optimum financial package. In the current lending climate it pays to have your application put together by industry experts, who know what lenders are looking for.

Information Required

• Outline Development Appraisal stating what is being built, where and final outcome. i.e. Sale or retain for rental.
• Costings summary to include a contingency and an estimate of end values.
• Copy of planning permission and plans.
• Assets and Liabilities Schedule of the applicants/directors
• CV from all applicants stating their past development experience.

Broker Fees

Unlike some of our competitors, we do not believe in up front charges. Our fees are only payable when our client has received a formal offer of finance and is usually payable at the time of completion.

Service Levels

For most applications presented by Sterling Capital Reserve Limited, we will obtain a decision in principle with indicative terms in respect of interest rates and fees within 72 hours.

VISIT US - 18th - 20th MARCH 2012

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