Harris Lighting has everything you need to know about financing your property development project. If you need more information, please feel free to get into contact.
As property development and buy-to-let has been extremely profitable for investors in the past, it makes it a very desirable job.
Before beginning any development, you must be sure you understand the local market and deliver what is in demand.
What are your finance options?
Commercial mortgages can be taken out when a business will be run from inside the property. However, not all private lenders offer this option as it a more expensive solution. Find out more.
Bridging finance is a popular option when unexpected costs arise, or you need extra cash to finish your development.
Development finance is used when a property needs a complete overhaul or you plan to knock down a property and build a new one. This is also used to secure land.
Here’s what you need to know!
It is important for you to calculate your costs before starting project as this will allow you to understand how much needs borrowing.
- How much is the property currently worth
- How much are similar properties selling for?
- How much will the property be with once developed?
- How much will the project cost?
You should also find out what adds value to a property – see what is in demand in the local area and if space permitting, try to incorporate these into the property you are working on. Visit this website for tips.