Developers also use bridging finance, and many use it for Jersey builds or to develop property in the UK. Bridging finance is typically used to fund the development of the property and in many cases, buy the land that the property will be developed on. Often, bridging finance is used to consolidate loans from various lenders who have funded different parts of a development, making payments easier to manage.
Enness brokers both commercial and residential property finance and will be able to secure capital for you whether you are a seasoned developer or developing real estate for the first time. If you are a first-time developer, expect that you may need to put forward more collateral, or you may not be able to borrow as much as a more seasoned developer. Borrowing will be very possible for first timers, but lenders will want to ensure you can handle the development project, stay on time and under budget, and as a result, they are likely to offer less finance than a developer with a track-record.
Any bridging loans used for a property development will need to be negotiated on a case-by-case basis. Lenders will want to understand your plans, your exit, development costs, the location of your development and the current and future price of the property.
Enness has access to all the leading lenders in this specialist part of the market. Enness will also be able to help if you need a financing solution to a cash flow or capital problem that’s arisen during your property development.
Whatever you need property development finance for, your bridging finance broker will ensure you have the funds you need, when you need them and secure you the best deal available on the market.