When developing a new property one of the most important things that property developers need to consider when performing a new project is the costs related to the new development.
Self-funding a new property maintenance project can be very expensive and not everyone will be able to cover the costs without assistance.
Regardless if you are a sole trader or a large corporation, you may not have enough of your own money to pay for new property developments.
Those who are unable to pay for a new development project with their own money will consider getting a loan so they can pay for the project.
Getting a property development loan
Being eligible for a property development loan from a traditional bank tends to have strict criteria regarding their loans.
Banks traditionally consider:
- Credit score
- Employment history
- Years of experience
Because of this, property developers may turn to alternative providers that specialise in providing development loans to individuals in the property sector that want to use the funding to produce more housing.
Using loans for maintenance projects
Property development loans also are beneficial to individuals who want to perform heavy or light refurbishment on a new property.
Unlike banks, some alternative brokers and lenders provide funding to property developers that want to use the funds to develop existing properties instead of using the money in the same way an upcoming home-owner would.
We rely on Hunter Finance’s refurbishment loans to perform our rubbing roofing projects with their specialised loans that are easy for property developers to access – unlike banks that only consider credit score and profitability, Hunter Finance provide property development loans to applicants that they believe will benefit from them and show a genuine interest in the project they want to perform.
As a result of the accessibility they provide to aspiring property developers, we can continue providing rubber roofs across the UK and do not need to compromise our quality, standard of our products, or reduce our team.