Development Finance

Development Finance is exactly what the name suggests; finance for developers depending on the project they need it for. This could be property development projects, land purchase, renovations and construction. In terms of repaying back the loan, this is typically paid when the development is sold or refinanced.
Development Finance is a secured business loan often used for new builds, refurbishments, conversions of residential or commercial properties. The loan is secured against the projected value of the completed development with funds being released in various stages. The finance can be used to cover various costs of the project such as construction, labour, material as well as other costs.
The length of term for borrowing varies but in general Development Finance is a short terms loan typically varying from 6 to 24 months. We at Lux Realty have built fantastic relationships with a vast number of Development Finance provides and we would be more than happy to assist.