Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Borrowers are still being frustrated by the banks’ continued reluctance to lend on development finance projects, but reality is that if you know who to ask they are actually eager to lend on profitable projects to experienced developers.
It is navigating a way around the maze of lenders, different products and finding the finance that enables your project to be finished that can seem impossible. Many new lenders have entered the market since the Credit Crunch which has increased competition and resulted in various pricing structures.
I get to chat with many readers about their development projects, but the simple fact is that unless you do it day in day out, which I don’t, it is impossible to know which lenders have funds to lend, and on what type of projects and industry sectors they want to lend on.
I know the basics to ask, such as purchase price, planning permission, development cost, Gross development value, working capital, previous experience etc. This then gives a picture of whether a project is likely to be considered as viable for development finance, but is only really the first step on the ladder.
This is where my Colleague Cliff from Brooklands Commercial Finance comes in as he can navigate this maze of knowing which banks are lending. Cliff has established strong links with many lenders based on the quality of our introductions over many years and understands how to present robust propositions to lenders, each of whom have a specific target audience. This is the key to putting you, in front of the lender who is most likely to offer a finance package to support your project.
Cliff can help with:
*There has been a relaxation in planning regulations in respect of office conversion to residential accommodation.
Brooklands Commercial Finance are Whole of Market Independent Commercial Brokers and if you would like to chat with Cliff please Click Here
or email email@example.com
or call us on 01603 489118
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