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  • Wanted & Recommendations

    Development Finance Broker

    Hello all

    I am a portfolio landlord with a fair amount of heavy refurb experience (20+ projects) and some experience in development – built a house and converted an open attic in an apartment building into 5 apartments, and am looking to get into development full time, both to sell and also for build to rent.

    I am looking for mortgage broker who covers the whole range of the following types of projects, and for the purpose of my current analysis can also answer a few questions with pertinent specific product information as listed below

    PROJECT TYPES

    • New Build – Brownfield sites
    • Conversion – House into flats
    • Conversion – House into mini HMO (4 people)

    At some point I will also look into commercial to residential, so useful if that is also an area of expertise.

    Current Information sought pertinent to my experience level

    FOR NEW BUILD

    Plot purchase loan

    • Interest rates
    • Max LTV
    • Max Term
    • All applicable fees – inc exit
    • Can fees be rolled into loan?

    Build out loan

    • Interest rates
    • Max LTV
    • Max Term
    • All applicable fees – inc exit
    • Can fees be rolled into loan?
    • Interest only payable on amount drawn at any time?

    I have broken these into 2 separate elements assuming they can be treated as such and assuming the rates and LTV’s differ at the various stages.

    Exit

    • Sell or rent out, ideally find lending that makes rolling the development loan into a BTL loan seamless in the case of conversion to BTL

    Initially, I will target plots with planning permission, though moving forward aim to find plots where I add planning gain.

    FOR MINI HMO

    Will target properties needing heavy refurb and/or some development potential

    Plot purchase/ Build out

    • Same questions as above

    HMO loan

    • Same as above, with the ICR and stress rates

    Need a lender who will allow the transition from one loan type to the other, although maybe in the case of heavy refurb > HMO it is a single product?

    Sorry for the long post, wanted to be clear about my experience and requirements not to waste anyone’s time. Of course, will follow up with a phone call, but wanted to get this out there, and particularly get some robust answers for my analytical modeling.

    Many thanks

    Max

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    Hi Max,

    Welcome to the tribe and just wanted to say that it is great to have someone of your considerable experience as a member. I do hope you will join our discussions. Smile

    Property Tribes Financial Services on 01206 654444 should be able to assist you with all of your property ambitions. They have access to whole of market and also understand different financing structures etc.

    Shawbrook Bank have a bridging to term product for HMOs and are also a partner of Property Tribes.  Shawbrook work closely with portfolio landlords and developers to understand your property ambitions and goals and support you in achieving them.

    Good luck and I do hope you will join a few of our discussions and support members who are not as far down the property trail as you are. Smile

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    Hi Vanessa

    Thanks for the welcome - great site you have built here, fairly new user but lots of gold nuggets around, so a big thank you to you. Will also pledge to start contributing when I can...

    Best

    Max

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    Max - you have indeed found an absolute goldmine of resources and help here on Property Tribes.

    With regards to the help we can provide, firstly, we are not an online call centre or telesales Firm, here at https://www.PropertyTribesFinancialServices.com (PTFS) we are a Team of specialist finance brokers who work in the HMO, BTL, commercial finance, development loans, bridging and business finance sectors, as well as the more standard residential mortgages, business protection insurance (important for all Ltd Company borrowing!), family and mortgage life cover, as well as estate planning services too.

    PTFS has two authorised financial services advice Firms under the 'umbrella', both owned and managed by Howard Reuben, and supported by 10 Brokers and a team of back office admin staff as well.

    The Firm I am referring to at this time is Assured Funding Ltd and the development finance service we provide can be seen here > https://www.assuredfunding.co.uk/development-finance/  The development finance service is one of the extra services that we offer, over and above the typical mortgage salesperson.  You can see more about us and our Firm here > https://www.propertytribesfinancialservices.com/about-us/

    To progress your enquiry, it all starts with the initial 'Fact Find' so call us anytime on 01206 654 444 and/or email some basic introductory details to us at advice@ptfs.co.uk

    Hope this helps.



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    Hi Max,

    Certainly an impressive and diverse development background. I have a mixed background having worked in real estate fund analysis and have a Masters in real estate investment and finance. I'm currently looking to move into property development full time and would be very keen to either shadow you on some projects, assist with the developments, development appraisals and sourcing land for development etc.

    Happy to provide further details should this be of help to you.

    Thanks


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