Where Can You Obtain Development Finance?
Development finance is often sought by property developers who may be building one or a small number of properties and large building firms that may be building a housing estate or industrial units.However, who provides this form of lending here in the UK?
Well, a large percentage of business customers wishing to arrange development finance are likely to approach their bank where they maintain their business current account. They may be referred to a business or corporate manager rather than be dealt with in the branch network. Many customers probably don’t look elsewhere for their borrowing preferring to arrange the finance from this source. As they maintain their business current account with their bank the lender is well placed to assess such requests for funding.
However, all the major clearing banks and a number of the building societies are likely to offer this type of lending.Therefore it is possibly a good idea to see what development finance packages are available from them to compare with what your existing bank is offering. It is such a competitive marketplace these days – you never know, you may be able to arrange a more competitive deal.
There are also a number of specialist lenders that can be found via the Internet and that includes peer-to-peer lending platforms that have been growing in popularity in recent years.
So, how do you go about sourcing suitable development finance? Well, you could do all the “spade work” yourself and get in touch with the major banks and building societies as well as a number of secondary lenders. However, that is likely to involve a great deal of your time that may be better put to use in doing what you do best- running your business.
Instead, you may wish to entrust us to help you source suitable funding. Here at Commercial Mortgage Link we can put you in touch with a commercial mortgage broker who has considerable expertise in sourcing and helping arrange development finance for businesses of varying sizes. It is important that applications for such borrowing are suitably presented with all supporting documentation being submitted correctly. You can be assured that you will be in very capable hands and will also be pleased to hear that the broker has an extensive panel of lenders at their disposal. We look forward to being of assistance to you.