Funding is available for clients on a wide range of projects and is not limited to those with previous experience.
Each development is very different and as such all are underwritten by lenders on an individual basis.
After an initial consultation, our experienced team will ensure you that are placed with the most appropriate lender to achieve your aims.
The list below covers the main areas of development funding currently available and, while planning consent is normally required, speculative opportunities can be considered.
- Develop to let – where the intention is to refurbish an existing property and retain it when the works have been completed. Funding can be agreed in order to purchase the property and to allow for the immediate release of capital once the property is ready for letting. Furthermore, the release of additional funds is based on the enhanced property value giving access to the initial funds invested.
- Light refurbishment – used where a property is suitable security for a mortgage but needs general upgrading or decoration without any structural works being required. The completed property can then be retained or sold.
- Heavy refurbishment – used where a property requires structural works, for example an extension, to enhance the value before letting or selling.
- Conversions – used where a house is currently made up of flats, bedsits or similar and the intention is to return the property to a single unit or vice versa. Alternatively, where the building is currently used on a commercial basis, offices or shops for example, the intention is to convert the building into a single unit or multiple residential units to either sell or retain.
- New build – this can be anything from a single unit or small housing development to a tower block or an estate.
Business such as residential and buy to let mortgages in the UK are provided through Coreco Partners LLP, other business such as overseas mortgages and commercial mortgages are provided through Coreco Specialist Finance Limited and are not regulated by the Financial Conduct Authority.
Coreco Specialist Finance Limited. Registered office: 117-119 Houndsditch, London EC3A 7BT. Registered in England, Number: 06851546
Things to consider
Do I want the security of fixed monthly payments?
How am I going to pay the loan back?
How much can I borrow?
How much deposit do I have?
Do I have money set aside for fees such as legal costs and stamp duty?
What exactly does the mortgage process involve?
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.
A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.
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However unique your path, rest assured that Coreco is here to help at every turn your life takes.