How,use,bridging,loans,for,dev business, insurance How to use bridging loans for development funding in 2010
Date:2020-12-26 How,use,bridging,loans,for,dev business
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The banksthat still maintain that are they are providing lending are making the termstoo arduous or providing levels of funding that are insufficient torequirement. Decision times have increased dramatically with the lendersprocrastinating in such manner that could identify this as an intentionaleffort to put developers off. This has made property development financevirtually unavailable in the UK.Some UK bridging loan lenders now believe the residential property market willbegin to increase in value, as they believe the bottom has now been reachedwith the price drops. Thereforefor new or part completed projects in good locations they are willing toprovide lending.Unfortunatelythe maximum loans available are now down to what they were before the creditcrisis. The maximum Loan to Value (LTV) is also down, 100% funding is now athing of the past, lenders now want developers to contribute some of their ownfunds or assets adding security to the loan.Themaximum bridging loans are 70% of the purchase price and 60-70% of the build costs,which are paid in areas. It should be noted that development loan lenders use90 day values for a valuation of the property, this is a forced sale value orauction house value.Loanterms are normally no more than twelve months, eighteen months on specialarrangement, and lending rates for this type of funding are between 1.4% and 2%per month with an arrangement fee of usually 2% of the loan amount. Other costswill include valuation fees and legal fees.The preferred types of development are small developments with not many unitsor small blocks of flats no more than six flats per site. The development siteshave to be located in areas that are not awash with similar developments orwith large unsold or incomplete adjacent developments. As this typeof finance is not provided by all lenders, access to funding can be arrangedthrough specialist bridging loan brokers who have access to a panel of lendersonly accessible by intermediaries.
How,use,bridging,loans,for,dev
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