Property development finance can provide short-term funding for either more extensive new construction projects or large renovations, helping developers to free up their personal capital for other projects or unforeseen expenses.
Loans cover both land purchase and building costs. Loan amounts are based on a percentage of the gross development value at the end of the work Usually development loans are drawn in stages (referred to a “tranches”), part of the loan will be drawn to acquire the land, and subsequent funds drawn for the development.
The reporting criteria to the Lender is usually very strict in Development Finance to ensure that the property is being developed in accordance with a plan approved buy the Lender. There will virtually always be “step-in” rights allowing the Lender to complete any development work to ensure that their security is always protected.
Development finance is amongst the more complex property finance products and there is typically more room for negotiation with the lender on the terms of the loan documentation. It is therefore critical that you have the right lawyer in your corner who can really add value by improving the terms of the loan for you.
Why choose Attwells?
For Our Speed and Diligence: In a competitive market the speed and diligence of your lawyer is key. With Attwells, you can rest assured that no matter what the transaction entails, your lawyers will be proactive in pushing your matter forward to an efficient and satisfactory conclusion.
For Our Competitive Fixed Fees: Attwells are offer competitive fixed fees on all of our Property Finance services, so that from day one, you will know how much your legal costs will affect your bottom line. This is all part of our commitment to transparent and fair pricing For Our Proactive Communication Is there anything more frustrating than not knowing the status of your matter? Or worse still, not being able to get in contact with your lawyer for an answer? At Attwells we understand that communication with the client and their professional team is critical , which is why we will give you regular updates without being prompted. You will always be given the direct line to your lawyer, so you can spend your day running your business, rather than waiting on hold.
We use cutting edge Case Management Software to ensure that staff absences (either through holiday or unplanned) are always covered by colleagues within the department, so you can be sure that your matter will not be delayed by matters outside of your control.
For Our Expertise: We have completed many Development Mortgages over the years so we can say with some confidence that your matter is unlikely to be anything we haven’t seen and dealt with many, many times before.