As a business owner, you don’t want to be constantly worrying about your finances. If your finances do cause you to feel stressed, development finance can help take some of the weight off your shoulders. If you are thinking about upgrading your commercial property by building something new or installing an extension, then development finance might be right for you.
What is commercial property development finance?
Development finance can be a great option for business owners looking to build, redevelop or renovate a commercial property.
In general terms, development finance is a type of loan designed as a short-term solution for developers and business owners to fund their next construction project without having to wait until completion before being paid back.
How to secure development finance
Commercial property is a complex market and there are many different types of commercial property loans available.
Often the most difficult part about carrying out commercial property development is getting funding for it.
A lender will assess your business plan and discuss how they can help you fund your project by understanding what assets need financing, how much capital is required and what type of rate will be applied.
Therefore, it’s extremely important that when applying for development finance, you have a strong business plan in place that will make you stand out against your competitors, especially if you are a first-time property developer.
Make sure your business plan is detailed, realistic and based on the current market, economic conditions, and financial situation.
The benefits of development finance
There are many advantages that securing development finance can have when upgrading your property.
For example, it can be arranged quickly and easily, giving you rapid access to finance and allowing you to get started on your building project straight away.
It also provides a lot of flexibility as it can be used for a range of purposes such as developing a building, buying a new property, or upgrading an existing one, helping you achieve your goals to the greatest standard.
Development finance – find out more
Read more about our development and fit-out finance solutions here.
Eager to upgrade your commercial property with development finance? Get in touch with Tower Leasing to get started!