Small property development finance is available for experienced and new property developers. Lenders are even giving finance to first-time property developers so there is no need to worry. A financial broker can help you find the right finance options for your project.
What pre-planning information is useful?
Your financial broker will want to meet with you in person to look at lots of different criteria known as a ‘fact finding’ session. It is important for you to feel ready for this meeting to help it go smoothly and for your financial broker to put you in touch with the best lenders for your circumstances. You can prepare for this meeting by gathering together lots of information and data.
Your financial broker will want to see:
– your assets and liabilities;
– your income and expenditure;
– three months of bank statements;
– your company accounts;
– your property portfolio;
– where you are in the planning process (full or outline planning permission) and;
– the resale value (checked with an estate agent).
How will a financial broker support you during the project?
It is useful to have a clear exit strategy at the beginning of your project, so whether you will resell the properties or keep them to rent out. However, a project can take anywhere from 3 months to 12 months or even longer to complete and this will naturally mean there are changes required as time passes during the project.
At different stages in the project your financial broker will reassess your financial needs, assess whether any changes are needed to your finance lending, and re-finance with different option as needed.
What will happen if there are problems with your project?
A good financial broker will stay in touch with you throughout the project and work with you to look at re-finance options, for example, the build costs may increase more than you expected due to unforeseen problems and your financial broker will support you to access further lending options.
Here at J & J Commercial Finance we are committed to finding you the right finance package for your needs through our network of over 300 lenders and private banks so if you are looking to talk to us about your small property development finance give us a call today on 07399 660 002 or send us a message. For any FAQs you may have or to see previous clients we have worked with head to our website.