Finance Articles

A Broker Can Help When It Comes To Property Development Finance Uk Funding

A broker can help you to get the cheapest rate of interest and the best deal when it comes to property development finance UK funding. Although the interest rates will all depend on the individuals personal circumstances. Factors that are taken into account are such as the experience one has in property development, the type and size of the project and the sector at the time of going for the loan.

As a very rough idea you can usually get somewhere in the region of 1.5% and 2.5% of course this will vary but a broker is more likely to be able to negotiate with lenders who are know to provide the cheapest deals. Your experience when it comes to property development will go a long way to making sure the rates are low as will the project you are proposing.

The same goes when it comes to the amount that you are able to borrow for your project. Usually the majority of lenders will not offer 100% for property development finance UK funding. However a broker is more likely to be able to negotiate this for you based on the fact that you have an excellent track record and background in the sector. It is more likely you can expect 70% to 75% of the total cost.

When taking into account how long you are going to be taking out the loan then you will have to give some thought as to the type of loan also. Usually property development UK finance can be taken from 1 to 25 plus years. The term will basically depend on the size of the project and how much you need to borrow. If the loan is for tens of thousands of pounds then an interest only loan could be proposed by the lender. The loan would be repaid on an interest only basis which then leaves the capitol left to be paid off at the end of the loans term. As this will be a substantial sum of money your lender will want certification you have the means to repay this in full.

Any lender will want to see proof that you have all the necessary planning permissions before they will consider giving you the loan for development. These of course should be secured before you even approach the lender or broker. If you ask for money but have not got the necessary proof then a lender will refuse your application and this means starting over from the beginning on your search.

Once a broker has found you suitable property development finance UK funding it is then down to the individual to make sure they read the terms and conditions with a fine tooth comb. The terms and conditions hold important details regarding the costs of your loan. It should state how much the finance will cost in total, the amount of interest you will pay and how long you are taking the loan over. It will also tell you how much capitol will be outstanding on the loan if you have taken out an interest only loan.

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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