Development Finance is the most extensive borrowing facility currently available on the UK market. Depending on the type of project you want to embark on, there are a range of finance options available.
Initially, funds are provided to get the project underway. As the project continues and gets closer to reaching its goals, more money is released for the developer along the way. The total sum of money lent can be up to 100% of the total cost of construction or 50% of the site costs, with no specific upper-limits as to how much can be borrowed.
Advantages to development finance include:
Whatever your project, we will have a Lender that knows what they are doing. Combined with our experience we can make this as stress-free as possible.
There is no charge for our initial exploration of what Lenders will offer you – we will provide, whenever possible, a choice of three Lenders for you to consider.
We’ve organised finance for…
Prime Business Finance was recommended to Mr O. by the Commercial Manager of one of the High Street banks. Mr O. was building two adjacent properties when it became apparent that further funding was going to be needed for the final phase of the development.
The original mortgage provider wouldn’t accept a necessary 2nd charge on the development which meant that Prime now needed to organise sufficient funding to clear the original mortgage as well as sufficient funding to finish the development.
This was a completely different scenario from that which we were faced with at the start. Thanks to the advanced stage of the development we successfully proposed the changed requirement to a funder and we were able to organise the much higher level of funding that Mr O. now needed.
Our client was a high quality specialist furniture manufacturer whose MD had been refused a commercial mortgage by her own bank.
We were recommended by their accountant and after carefully understanding what was wanted and what the issues were, we were able to approach a lender. Having met the client and understanding the overall strength of the client’s business meant the lender gave approval for funding.
Sometimes funding requests are not straight-forward. Our experience and expertise as well as our strong bank of lenders means we can usually find a successful solution for our clients.