Surge of Development Lenders in the Market!
Just when we think we have reached a plateau of new development lenders in the market, it seems that there is another surge of funders offering development finance products. This indeed should be a positive for our market and also be beneficial to our customers.
Of course the practices and structures that we see in the world of development finance remain unchanged. There are several ways that different lenders like to fund development projects and they all come with their own strengths and weaknesses. The end result for all should be to provide the maximum liquidity for the developer, which should then allow for a smooth and successful development project.
However in practice, all lenders need to anticipate a range of potential things going wrong. One of the great things about development funding is that there are a million and one problems that could possibly occur on site such as; An increase in build costs, builders/developers running out of funds to complete the project. When it comes to development, detail is absolutely paramount.
There will always be site problems to deal with, as this is the nature of development funding but all good development lenders should inherit good practices i.e. Making sure they visit the sites in person that require lending on, and meeting the clients face to face. Detail is everything in the world of development finance.
If you would like to speak to the team at Yorkshire Development Finance about any upcoming development projects you may have, please do not hesitate to call us today and we will be more than happy to assist.