NeoWave is a corporate advisory business which brings together a team of experienced professionals to assist clients in achieving their business goals and objectives.
Development finance is a loan granted purely for the development or refurbishment of residential, commercial or mixed use properties. It is often granted to experienced builders or developers, enabling them to raise the capital to convert prospects into a commercial reality. Specialist development finance lenders will take the future value of the property into consideration when agreeing a loan.
Unlike a traditional mortgage lender, a development finance lender will take the value of the completed property into account. Here’s how the process works:
Development finance is often used by builders and developers planning extensive projects and ground-up developments. Poor credit rating will likely halt an application for development finance due to the strict application process.
Development finance allows quick access to large amounts of capital, whilst still being a short term loan, avoiding lengthy contracts and long term interest accrual. Lenders of development finance are rigid in their comprehensive paperwork requirements, with arrangement and exit fees generally being higher than that of commercial mortgages.
NeoWave has had hands-on experience in finding the most flexible and professional lenders in the UK. Through this process they can place developers with the right partner without having to go through time consuming applications that come to nothing.