Business Loans
Development Loans
Development Loans
Looking at a development a project?
No matter how large or small the project, you’ll likely need property development finance to turn your plans into reality. Development finance is a type of construction loan used to fund commercial and residential development projects such as:
- New builds
- Conversions
- Renovations
- Refurbishments
- Land purchases
Monetta Financial Services can help you get the right finance for your development project. We aim to make financing easy so you can focus on your project.
How we can help you?
We Have Over 40 Lenders Which Can Offer You The Best Development Loan Deal
Things you need to know about a development loan
Property development is exciting and profitable, but arranging for adequate development loans can be time-consuming and frustrating.
Whether you’re a first-timer or an experienced property developer looking to fund your next venture, we have property development lending solutions that don’t require pre-sales or lengthy application processes.
We work closely with our panel of property development lenders to move quickly on your loan application. We understand that “time is money” and we make the loan process as seamless as possible.
At Monetta Financial Services:
- We present you with options others didn’t know existed
- We search for solutions and enjoy the challenge of complex loans
- We understand the complexities and requirements for a property development mortgage application.
- We explain our cost structure from the outset so that you know what to expect.
There are two main types of development finance available, and they are:
- Residential lending – typically for projects with four units or less
- Commercial lending – typically for projects with five units or more
Residential development finance is less risky than commercial, so it tends to have a less arduous approval process.
With commercial lending, you can expect to pay a higher interest rate than a residential loan for property development. You will also have to contend with a different fee structure than it applies to residential loans. Banks take a much more conservative approach to commercial lending, which means you’ll need to provide a range of details and extra information, such as
- The feasibility study
- Experience in building commercial properties
- Contingency funds
- Presales evidence (can be as high as 60%)
- A sufficient amount of your capital in the deal
The loan’s security will likely be the completed project. However, no two projects are alike – and different lenders will value the same plans differently.
If you want to overcome these obstacles and get the funding you need? Then you need to partner with a broker with significant development finance experience like us.