We employ property housing specialists who will efficiently appraise a project based on the key information. We can issue a formal letter within 24 hours of approval.
The average time is usually 2 weeks, but we could possibly send funds within 2-3 working days of an offer letter being accepted if the borrower’s solicitor has all of the relevant documents.
Nothing has to be paid until terms have been accepted, so we can immediately progress the legal and valuation fees that are payable. These will be directed to our expert teams and paid over the phone by debit or credit card. There is a typical arrangement fee of 2% that is deducted from the first advance. The loan will also have a fixed interest rate during the period that the sums are borrowed, which will be agreed individually with the borrower. The project will also have surveyors and solicitors fees.
The percentage we lend towards a site purchase depends on each individual facility. We can lend up to 100% of the construction costs.
We lend in England, Wales & Scotland (Scotland will be assessed on a case by case basis).