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Development Finance Applications - Getting Your Paperwork Right

Development Finance Applications - Getting Your Paperwork Right

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Revolution Finance Brokers manages hundreds of development finance applications, and submitting a thorough application with all of the supporting documentation means a far higher chance of approval.

Our team assesses each application before submission, to ensure it contains all the relevant information and will be easy for the lender to approve.

In this guide, we explain all the crucial paperwork you'll need. For more assistance with submitting a successful development finance application, give us a call on 0330 304 3040 or drop an email to info@revolutionbrokers.co.uk.

The following topics are covered below:

Planning Permission

Plans and Site Drawings

Planning Restrictions

Costs and Budgets

Your Developer Experience

Detailed Schedule of Works

Development Team

Asset Schedule

Exit Strategy Details

Gross Development Value Estimate

Personal ID Documents

Planning Permission

Planning application or permission information will help a lender get a better idea about the viability of the development. You can also include a link to the planning portal.

Plans and Site Drawings

By including through site plans, the lender can visualise the project, and assess the accuracy of the calculated costs.

Planning Restrictions

If there are restrictions against what you can build, or what materials you can use, identifying them at the application stage is beneficial.

Lenders will also need to know whether there are Community Infrastructure Levies payable. CIL payments make a substantial difference, as if the levy is high, it will impact the final profit.

Costs and Budgets

You will need to include highly detailed budgets and not just an overall cost figure. The more detail, the better, and if this can be broken down into months or stages, all the more sufficient.

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Your Developer Experience

Most lenders will ask to see your development CV, and backing that up with evidence of previous projects completed makes for a much more robust application.

Previous experience improves your credibility, reduces the risk, and ensures that the lender is confident that you can successfully manage the property development.

Detailed Schedule of Works

When applying for development finance, you will need to agree on timescales with the lender. Thus, they will need to know how long the development will take, and when the significant stages will be complete.

A detailed schedule of works, accompanied by a budget breakdown at each stage, shows a well-planned development that is likely to run on schedule.

Development Team

Particularly if you are a new developer, the team you use - including crucial people such as the architect and contractor - will make a difference to the risk factor assessed by the lender.

If you include details of your team, and their experience or professional background, this can improve your application.

Asset Schedule

Development finance lenders will ask for a summary called an ALIE - asset, liability, income and expenditure report.

This report is essential, so the earlier in the process you provide it, the better. The report matters since it shows whether you are financially independent, and what sort of contingency level there is to cope with any unexpected increased costs or time delays.

Lenders will also prefer to see financially stable applicants who can provide personal guarantees secured against other assets to mitigate their risk.

Exit Strategy Details

The lender must know how you expect to repay the loan at the end of the term - whether that's through refinancing, remortgaging, or through selling the property.

Gross Development Value Estimate

GDV is a critical metric and shows the value that the property is expected to be worth on the open market once the building work is complete. This should be at least 20% above the project costs, and ideally 30% or higher.

You'll need to have references from at least two local property agents supporting the projected GDV value. If you can include details of other property sales or valuations that back up your figures, it is beneficial.

Personal ID Documents

Lastly, a UK lender needs to complete anti-money-laundering checks, and will therefore need information about your ID, deposit source and address.

Providing this information at the beginning will save the lender needing to ask for further documents later on in the process.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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