Development & refurbishment finance
At Seneca Bridging, we are experts when it comes to development and refurbishment finance. From minor “facelifts” to a full ground-up development and everything in between, Seneca Bridging has the product for you.
We deal with complex projects daily, funding the construction and heavy refurbishment of residential and commercial developments, including the ground up development of new houses or apartments.We are able to fund the initial purchase of the property in addition to the subsequent development or conversion costs, supporting our Borrowers to create and realise greater value on their property investments.
A clear and viable exit is essential to a successful project and again this could be via a sale or refinance with another lender.
Key highlights
- We price on risk, with monthly rates starting at 0.9%.
- Terms are available up to 18 months, though occasionally longer.
- Loan size between £250k and £2.5m.
- We usually look to a maximum outstanding loan of 75% of the Gross Development Value. Some flexibility can be provided on a case-by-case basis.
- We can roll up interest to the end of the term to help cash flow.
- We require a first legal charge on the property.
- Clear exit plan to be determined at the outset.
- Transparency on all fees guaranteed.
- No early repayment fees.
- We provide unregulated Development finance and so we are unable to arrange Development finance on properties in which the borrower, or members of their immediate family, have lived or intend to live in.
Development rates
- LTVs from 75% net day 1 up to 75% gross against Gross Development Value
- We can offer Development loans at interest rates from 0.85% per month
- We’ll not charge any fees for initial engagement or early redemption.
- We typically charge arrangement and exit fees from 1% of the total Development Loan – unlike many of our competitors we do not charge ad hoc administration fees.
- We only pass on the QS monthly monitoring fees, we don’t apply any internal monitoring fees
- We always ensure the valuers, solicitors and lawyers who represent our interests offer the right mix of price, speed and expertise.
- We aim to pay introducer fees on the day of completion.
Featured case study
Ground Up Development – 100% Finance
- Funding totally £1.9 million
- Gross development value £3.2 million
- 4 weeks from from first application to completing the acquisition
If you require a flexible and personable lender who will work to bring your clients’ plans to life:
Call Us: 01942 295 982
Email Us: enquiries@senecabridging.co.uk
