UK Non Status Property Development Finance Non Status Property Development Finance: No Accounts?, No Profits?, No History?.. No problem! |
Most of the UK building societies and high street banks lend to "low risk" businesses not with credit problems, usually where the business has built up a credible trading history, is currently trading profitably and the ability to repay the commercial mortgage is clearly evident.
However, not all UK businesses fall into this category and need an alternative option when the bank says NO! - Non status property development finance
The TIGER GROUP are one of the few brokers who can offer Adverse Credit Property Development Finance and regularly package applications for specialist non status commercial lenders. Unlike traditional banks who tend to concentrate on historic performance, these lenders prefer to look forwards rather than backwards. Development Finance Criteria:-
Loan size £100,000 - £5m Term up to 18 months LTV 60% Land/Site valuation 100% of build costs or 50-60% of the GDV Valuation by Lenders surveyor. Valuer will monitor costs, timetable and cashflow. Stage Payments are usually released on monthly certification. Sites to have planning permission in place before drawdown of build cost loan. As a guide, projects should show a minimum profit of 25% profit on costs. High Street Bank Interest Rates 3 - 4% over Base. Lenders agreeing 100% build costs 7% pa - 2% per month. Email your Project overview by clicking here Today, and we will advise you further on how a deal can be structured. |