Funding is available for clients on a wide range of projects and is not limited to anyone who does have previous experience.
Each development is very different and as such all are underwritten by lenders on an individual basis. Airedale Commercial Finance guide you through all stages of the processThe list below covers the main areas of development funding currently available and, while planning consent is normally required, each lender can consider any proposal put forward to them.
- Develop to let – where the intention is to refurbish an existing property and retain it when the works have been completed. Funding can be agreed in order to purchase the property and to allow for the immediate release of capital once the property is ready for letting. Furthermore, the release of additional funds is based on the enhanced property value giving access to the initial funds invested.
- Light refurbishment – used where a property is suitable security for a mortgage but needs general upgrading or decoration without any structural works being required. The completed property can then be retained or sold.
- Heavy refurbishment – used where a property requires structural works, for example an extension, to enhance the value before letting or selling.
- Conversions – used where a house is currently made up of flats, bedsits or similar and the intention is to return the property to a single unit or vice versa. Alternatively, where the building is currently used on a commercial basis, offices or shops for example, the intention is to convert the building into a single unit or multiple residential units to either sell or retain.
- New build – this can be anything from a single unit or small housing development to a tower block or an estate.