| GDV | ___ |
| Initial Loan (day 1) | ___ |
| Total Loan Amount | ___ |
| LTGDV | ___ |
| Day 1 (LTV) | ___ |
| Margins at | ___ |
| Build Term (months) | ___ |
| Minimum Term (months) | ___ |
| Assumed arrangement fee @2% | ___ |
| Admin fee | ___ |
| Exit fee | ___ |
| Net Day 1 Advance (after deductions)* | ___ |
Finding the right lender for a property development project is always easier with an experienced broker in your corner.
The Revolution Brokers team has years of experience in construction mortgages and can help with every aspect of planning and financing your development!
Here, we summarise the significant lender criteria to understand before you apply and select a mortgage provider - aiming to help you understand what a development finance provider will look for and what might be a deal-breaker in your application.
For bespoke assistance with negotiating competitive lending for any size of the development, give the team a ring on 0330 304 3040, or email us at info@revolutionbrokers.co.uk.
Let's run through exactly how it works; from deciding to apply for funding to develop a property, through to work beginning!
There are lots of different criteria that a lender will consider before they offer to lend.
These can vary significantly between lenders and development projects, so the rules on what will and won't be accepted are not written in stone.
It's essential you know what the criteria are before you apply. Suppose you don't qualify for lending with one development finance provider. In that case, chances are you will with another, and it's a case of evaluating which lender is most suitable for your borrowing needs.
Unfortunately, making multiple applications on the off chance that one will offer approval isn't a successful scenario. You could end up with numerous hard credit searches in your credit report, which makes it less likely you'll secure your funding.
The best way to assess which lender will approve your borrowing application is to work with an independent broker who knows the criteria and can match your circumstances with a lender - without the legwork!
Contact Revolution Brokers if you've been turned down for development finance. We'll work with you to establish why, find a more appropriate provider, and reinforce your application to address any issues that cropped up the first time around.
A development finance broker such as Revolution is an independent specialist, working directly with thousands of lenders to secure competitive deals on behalf of our client.
Please note that not all brokers are independent or whole-of-market, meaning they act more as a salesperson on behalf of a lender and won't necessarily be able to find you broker-exclusives outside of their limited lender range!
As your broker, we act as an advocate for your development finance application. That means pointing out where the application can be improved, helping you assess the pros and cons of different borrowing projects, and ultimately get the financing you need at the most competitive rates available.
If you're unsure about whether you can meet the standard lending criteria, or need personalised support with creating a successful development finance application, contact mortgage advisors.
Applying for financing on any development project can be stressful, and it's highly beneficial to have an expert on your team providing independent advice to ensure you aren't paying any more than the best rates on the UK market.
We work with all sorts of developers, from experienced commercial clients to first-time private developers and are available on 0330 304 3040 or via email at info@revolutionbrokers.co.uk.
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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.
Revolution Brokers understands that mortgages can be complex and confusing!
Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.
