Commercial Finance
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Development Finance
We find out all about development finance with Adam Messer, who answers some frequently asked questions.
If you want to build a property for you to live in, you would tend to do a self-build mortgage – which we can do as well – but that is a separate thing from this.
Development finance is more of a commercial product. It’s aimed at property developers – people who want to build something to either rent out or sell. They’re not going to live in it themselves.
The most common scenario is where you buy some land and build some property on it. If the land you’re buying has planning permission we can go straight in with development finance.
If it hasn’t got planning, and you’ve taken a gamble on getting that, we probably need to take a bridging loan first on the land and then get planning. With planning permission, the value of the land goes up. We can then use development finance to pay off the bridging loan and then fund the construction work.
You can also take development finance if you’re doing some sort of conversion – a barn, for example. I’ve helped people convert offices and commercial premises into flats. Again it depends where planning fits in, but these are the kinds of projects you would take development finance for.
To find out more, click here.
Bridging Loans
Adam Messer talks us through bridging loans, answering some frequently asked questions.
A bridging loan is a little bit different from a standard mortgage. It’s a loan you take for a short period of time, and the interest works a little bit differently.
It’s normally a 12-month deal, but you can get them slightly longer. Generally speaking, bridging loans fit into two kinds of areas: commercial and residential. If you’re taking a loan on a property that you either live in or you’re going to live in, that’s going to be regulated by the FCA.
If it’s on a property that isn’t your main residence, that won’t be lived in by you or an immediate family member, or if it’s purely an investment or on a commercial building, then that is more of a commercial deal. It’s unregulated. From our point of view, the two are very similar. We go through the same process and do the same things.
The whole point of a bridging loan is that it is more flexible than a standard mortgage. You can get it on all sorts of different properties. It just gives people more choice. In a nutshell, a bridging loan is short-term finance when you can’t necessarily get a mortgage.
To find out more, click here.
