How to find a development finance specialist

Whether you are a first-time developer or a seasoned professional, you will usually need to borrow money to fund your development

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 finance specialist?

Recommendations
Asking friends and family to recommend a development finance specialist is probably one of the best ways to find a reputable company. The chances of getting a company that you can trust are very high, as they are unlikely to recommend a company that they have had a bad experience with.

Browse the internet
The internet is a fantastic source of information and you can find out pretty much everything you need to know about development finance by browsing a few websites. Whether you're looking at a dedicated development finance website, or you're reading the latest property development news, you'll be able to find the answers to almost every question you have. Use the web to gather information so that you're well armed to speak to a finance arranger.

Experience
If this isn't your first development, then you'll 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. However, if you were let down, or you need more flexibility, then you should shop around. A bad service in the past at least lets you know what to look for in your new finance provider, and what questions to ask.

Once you think you've short listed a few development finance specialists you need to consider some more specific things:

• You need to determine how much you can borrow - this includes establishing the amount of monthly payment that you can afford
• Make sure your lender will assess and approve your loan quickly - you don't want to be left in the dark about your investment future
• Be prepared to provide information about your loan request and investment - for example, what the land value is and what the value is expected to be upon completion

It's also important to build a good relationship with your finance company, as this can pay huge dividends in the long run. Above all, you n

eed to ensure that the development finance specialist you decide to go with is FSA approved. At Abbots Finance we can help arrange a loan to fund your development costs, be they residential or commercial. Call us now on 0870 2401957 to see how we can help you.

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