Development Angel

For intermediary use only.

A development funding product aimed at assisting development professionals requiring additional funding and/or time to purchase or complete building projects.

For specific details please contact our team to discuss.

Outline Criteria;

  • Residential developments inside the M25
  • 1st or 2nd Charge
  • Project must be 65% complete and or watertight
  • LTV = 70% of current value – gross loan (retained interest)
  • Staged payments – drawn down to max 70% LTV
  • Minimum loan / drawdown = £100k
  • Maximum Term 24 months
  • Rates from 1.5% per month
  • Arrangement Fee – 3% (1% to the broker)

Underwriting Requirements;

  • Application form (individual or corporate)
  • CV providing development track record
  • Asset and Liability statement
  • Full Credit Search
  • Explanation of why project requires “Angel Funding” at this stage
  • Executive Summary of the project to include;
    1. Planning Consents
    2. Architects drawings
    3. Programme of costs
    4. Schedule of works and timelines
    5. Sales strategy to support planned exit / GDV
    6. Details of Quantity Surveyor