Property development requires a lot of time and dedication. More importantly, it requires a considerable amount of funds to make sure the project is kept to your schedule.
Construction costs, labour and purchasing the land is just some of the aspects that require money.
To help minimise the risk of your initial investment or to help increase your budget to complete your development project, property development finance can help.
Fast Funding in a Demanding Market
Unlike other potential ventures, the property market is incredibly fast-paced. House prices are constantly changing and purchasing land quickly and efficiently is essential to property development success.
Not only is it ideal for getting your development underway, but it is also fast access to money during development.
Sometimes, costs can unexpectedly rise which you haven’t prepared for. Development finance can help cover the costs quickly before they affect your project.
Avoids Using High Street Banks
Did you know that seeking finance through a bank can take on average, 6 weeks? With development finance designed for property developers, you can typically receive the required funds within 2 to 3 weeks.
Furthermore, banks are under increasing pressure to reduce the amount loaned to a property developer. This means that your project will be under more scrutiny and could be possibly rejected despite being a viable project.
Typically No Credit Checks
It’s becoming increasingly common for property developers to reduce the use of credit checks to determine if you’re eligible for funding.
Mainstream lenders and high street banks generally rely heavily on your credit history.
Finding a property development lender who’s more focused on your project is incredibly beneficial. By putting together a viable business plan, detailing initial costs and the potential profit, you can secure funding without having to worry about your credit history.