Development Finance – cheaper, easier and very profitable
Cheaper, easier and very profitable
Have you tapped into the lucrative development finance market yet?
We are handling large cases where introducers stand to earn £50K on one deal so, if you receive an enquiry, here are a few points to remember:
- Now is the time. High street lenders are behind target with their ring fenced funds and offering rates from 0.5% per month – that’s around half the rate available in the secondary market.
- Your clients can save fees and valuations if we can arrange the development and exit finance with the same high street lender – This is getting very popular.
- We can help you place most development enquiries from a self build project in the back garden to a finance package for a 5 star luxury hotel.
- Don’t get bogged down with detail – our specialist lenders are keen to look at the quirky cases and we can support you or deal with your client for you.
I recommend you look out for this type of business from your clients and introducers.
New build property numbers are now 141% above the March 2009 low, getting back towards the peak of 2007 and every single project requires funding support.
We can only see this market segment going one way. To help you exploit the growth, we have a comprehensive panel of lenders ready and willing plus we will support you as much as possible.
Please contact me as soon as you receive a potential enquiry so we can get your enquiry in with the best lender first.
01902 585052
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk