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Paying for Your New Development
by Abbots Finance
Published on this site: August 4th, 2006 - See more
articles from this month
Whether you are a first-time developer or a seasoned professional, you
will usually need to borrow money for your development, whether it is
a small residential scheme or a city-centre commercial operation.
There are several ways you could choose to pay for your development, but
using a development finance specialist is the most obvious. These companies
are designed to loan money to development projects, realising their returns
when the project is completed.
So how do you find a development specialist?
Experience
If this isn't your first development, then you will probably have borrowed
money from a development finance specialist before. If you are happy with
their service, then experience would suggest that there's no reason to
change. On the other hand, if you were let down, or you need more flexibility,
then it's time to shop around. Bad service lets you know what to look
for in your new finance provider, and what questions to ask.
Recommendation and referral
Good businesses get many of their clients through recommendation and referral,
and finance companies are no different. By providing a high standard of
service to clients and consistently finding the best finance products
for their needs, companies attract new companies. Ask around for recommendations
on finance specialists.
- Internet searches
Most people turn to the internet when they want to find products or
services. Whilst this is a great way to come up with a list of names,
you should also make sure that you check each company out before you
commit to anything. Call them, or get in touch via email and have some
key questions ready so that you can get a feel for the type of business
they are
Questions could include
- Can you give examples of your previous successful projects?
- What percentage of my total costs can you lend me?
- What are your repayment terms?
- Can I tailor my loan to the length of my project?
- Do you provide finance for bridging loans?
By asking questions related to your specific circumstances, you can
get a feel for whether the company is likely to be able to offer you
the deals you are looking for.
In the end, both you and your finance company must be comfortable with
the agreed arrangement and you must trust the lender to keep their side
of the agreement as they trust you to keep yours. Build a good relationship
with your finance company and they could be an ongoing partner in future
developments.
Abbots Finance specialises in development finance for residential
and commercial projects. Visit our website by clicking on http://www.abbotsfinance.co.uk
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