5 top tips for securing a development loan… ✍️ Preparation - Before approaching lenders, create a detailed plan that outlines your project's scope, objectives, timelines, and financial projections. Know your numbers inside and out, including accurate cost estimates and GDV projections. 💬 Communication - Communication is key when applying for a development loan. Being forthcoming with the information you need to provide the lender as well as being on top of questions, queries, and updates is extremely important to gain your finance in a timely fashion. Quick responses to information requests can significantly speed up the loan process. 📕 Presentation - Presenting your funding requirements in a concise, professional, and clear manner is extremely important. When the information is presented clearly to the lender, it helps with the speed of processing and allows them to easily and accurately interpret your plans, meaning you get the most accurate rates in the quickest time. A well-prepared development plan detailing the entire project, from initial costs to final sales or rental income, is crucial. 🤝🏼 Honesty - Don't hide anything; lenders are there to lend. However, they need to be sure the money they are lending is safe, secure, and as risk-free as possible. Being honest and open with all your circumstances and plans will enhance your application and significantly increase the speed of completion. Honesty is the foundation of a successful loan application and helps prevent any surprises during underwriting. 👫 Relationships and understanding your lender - Each lender has different risk parameters, ways of working, and specialisms. It's important to build or have a good relationship with your lender as this builds trust and importantly helps in the speed of delivery. Choosing the right lender with experience in financing projects similar to yours can make a significant difference. Hope you found that useful, if you are looking for any development or bridging finance and want to find out how we can help - feel free to reach out via dm or comment down below. Here’s a picture of me paragliding over Medellin to spice up the feed 🫡 Have a great week all. Alex 🤝🏼

Posted by Alex Thompson at 2025-02-24 11:44:34 UTC