Let's run through exactly how it works; from deciding to apply for funding to develop a property, through to work beginning!

1. First up, you'll need to have at least an idea of budgets. It's essential to have an indication of how much your development will cost, what you'd expect to sell it for, and therefore how much profit is involved.
2. Next, we'd recommend contacting the Revolution team to discuss. Our development finance experts will take a look at your calculations, ask any questions that we know a lender would ask, and start identifying the best sort of financing for your project.
3. Once we've taken a look, we'll give you some estimates of what sort of interest rates and fees you can expect to pay in today's lending market. If you're happy that the indicative costs are viable and competitive, we can shoot over a written quote. That includes all the interest rates, fees, terms and a list of all the paperwork we'd need to proceed.
4. If you decide to go ahead, we'll work with you on the application. Revolution Brokers creates a full report to accompany the application, pre-empting any queries or concerns we'd expect the lender to have.
5. Provided the lender is happy, they'll usually ask to come for a site visit and to meet with you. This step is worthwhile, since it gives the lender a better idea of your plans, and allows them to get better involved with the project. Don't worry; we'll help organise this all!
6. Following the site visit, the representative will report back to their teams, including the underwriters who are responsible for finalising terms and assessing the risk level. Once the approval goes through the underwriters, you'll get a formal lending offer - with details of what else will be needed, such as a property valuation and legal paperwork.
7. A surveyor will need to visit the site to carry out a valuation. This can take a little while as they'll report both to you and the lender on what they think the property (or land) is worth now, what it will cost, and what you can expect to sell it for.
8. When the valuation comes back, the application goes to the legal stages. That means giving the paperwork and offer to your solicitor, checking you understand all the clauses, and sending back a signed acceptance.
9. That's it! Once all the signatures are received back, your facility will be live, and you will be able to draw down your first tranche of funding.