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Why Location Matters in Development Finance Applications

Why Location Matters in Development Finance Applications

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Different lenders are available in each country within the UK. So it is worth understanding the situation in your area depending on whether you are based in England, Scotland, Wales or Northern Ireland.

For tailored support with regional development finance, contact the Revolution Brokers team on 0330 304 3040 or drop us an email to info@revolutionbrokers.co.uk.

The following topics are covered below:

Development Finance in Scotland

Can I Apply for Residential Development Lending in Scotland?

Development Finance in Northern Ireland

Where Else Can I Apply for Development Finance?

What Eligibility Criteria do Development Finance Lenders Consider?

Expert Advice on UK Development Finance

Development Finance in Scotland

Scottish planning and lending rules differ from those in England, although there are regional development providers who offer competitive lending.

The critical criteria are to understand postcode restrictions and how these might impact your access to development finance.

For example, some lenders will not approve applications for developments in the Highlands or away from the mainland. Those that do can charge very high rates, or have caps on the maximum loan to value ratio they can offer.

A lot depends on the risk profile of the project and your application circumstances.

If you are seeking development finance in Scotland, the best option is to seek support from an experienced broker who can guide you down the most favourable application routes.

For more information, contact the team on 0330 304 3040.

Can I Apply for Residential Development Lending in Scotland?

Although it can be trickier, you can find residential development finance in Scotland.

Development finance is most commonly used for commercial developments, but you might find that a residential development loan is a more cost-effective option than a self-build mortgage.

Before selecting the type of lending to apply for, contact the Revolution team for support with identifying the pros and cons, and weighing up the comparable products available on the market.

The right option for you will depend on your circumstances and how closely you match the lending criteria; so two developments might have different funding solutions.

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Development Finance in Northern Ireland

There are fewer development finance lenders in Northern Ireland. Still, the Revolution Finance Brokers team works with local lenders who do offer competitive rates.

Most commercial development finance applications are assessed on their individual merit, so your chances of approval depend on the circumstances and the development project.

Niche lenders will want to look at how viable the investment is, and what sort of risk level they would be accepting were they to lend.

Generally, development finance for Northern Irish projects requires a higher deposit, and you might find that interest rates are higher than in England.

Hence, it is essential to work with an independent broker who can negotiate terms and rates on your behalf before accepting an offer.

Where Else Can I Apply for Development Finance?

Development finance is available throughout the UK, and indeed for international development projects. Overseas lending is available through specialist providers.

Many high street lenders do not lend to international developments given the higher risk factor, although this type of lending is available through experienced brokers.

What Eligibility Criteria do Development Finance Lenders Consider?

Before applying for development finance, you need to know the criteria of your selected lenders to ensure your application will be accepted.

Alternatively, you can work with a broker who will consult on what you wish to borrow, and then recommend the most appropriate lenders who match with your requirements.

The most important criteria include:

  • Having a viable and tangible exit strategy. This is the way in which you will repay the short-term development finance, and most applicants plan to sell the development on completion, or remortgage to pay back the development loan.
  • The level of deposit available. Most lenders can fund 100% of the development budget, but up to around 70-75% of the initial investment to purchase the land. You will need a deposit for the balance, and the higher the deposit available, the more favourable the rates you can expect.
  • Your credit score and history. If you have a clean credit record, you can apply to more lenders, and will usually get a better rate. However, if you have low credit rating development finance is still available through niche lenders.
  • Development experience. The more experience you have, the lower the risk to the lender, and the better your track-record, the more lenders will look positively on your application.

The most important thing is to have a viable investment project and be able to demonstrate with certainty that you will be able to raise funds to pay back the development finance loan.

Location is also a key factor and will determine which lenders to apply to.

Expert Advice on UK Development Finance

For tailored advice with development finance for UK or overseas projects, contact the Revolution Brokers team on 0330 304 3040.

Alternatively, send an email to info@revolutionbrokers.co.uk, and we will agree on a convenient time for one of our development finance experts to give you a call.

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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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