Development Finance Ltd can finance all residential and commercial loans
In the current climate many properties are not selling for the desired price or have been on the market a long time without attracting any concrete interest. As a result of this, a greater proportion of residential sales are now going through auction.
Auctions are becoming more popular route for investors to find property bargains. More often than not the auction property will be in need of refurbishment / renovation works and this gives the hands-on investor the opportunity to buy the property at a price that reflects the condition of the property. The investor will be looking to carry out these works immediately so that the property can be enhanced to a suitable condition to be let out or sold on at a profit.
However, to purchase and renovate the auction property the developer/investor will need to have cash resources or a development loan facility. Development Finance Ltd is able to provide development loans at very short notice to enable the investor to pay the 10% deposit required to pay the auctioneer and secure the property. If the valuation is adequate, we can then advance a large proportion of the purchase price, as the auction house will need to be paid the balance within 28 days.
Development Finance Ltd will also be able to provide a development loan for a refurbishment programme and after the development work has been completed you will be able to discuss long term finance through a buy-to-let mortgage from your bank or building society.
If you have no cash funds to put towards the purchase/deposit, Development Finance Ltd would consider taking security over another of your properties with sufficient equity to raise this further finance for you. However if you have sufficient cash funds available for part of the auction price then it may not be necessary to take security over another property. In either case Development Finance Ltd can provide the required development loan within a short period of time to enable you to complete the purchase and re-development of the property.