Land is suitable as your deposit.

You might be in the position of having a plot of land, free of borrowings and with the benefit of planning permission.

You could then be told by a lender that it is not enough; on top of that you need a further chunk of capital for them to be able to offer you development finance to get your project completed. The idea is that if you have something to lose you are more likely to stay with the project and see it to the end, even when things are not going as smoothly as you may have hoped.

We are different.

In our opinion we look at land as being something that you will not want to lose, which we are sure you will agree with. It is also very likely that you either spent a significant sum of money buying the site or gaining planning permission if you already owned it. If the land is adjoining a property you already own then you may well have had to give the current mortgage lender a lump sum, to allow you to split the title.  With that in mind we will use the land as being your contribution to the project and will look to lend you the build cost in advance stages.

Most clients are looking to fund 100% of the build cost and most lenders, subject to loan to values, say that they provide it. However, some of them mean they will fund it in arrears.  So, you come to the with a building plot and want the finance to fund the construction. They will expect you to spend your own money initially and then they will start releasing funds to you. So, if you have a project costing £200,000 to be split into 4 stages, you will need a £50,000 lump sum to start the project before the lender puts a penny into it.

With Richmond Securities you will be able to take the money in advanced stages. So, using that same example, we would offer an initial draw down of £50,000, allowing you to start work using our money from day 1.

Even if you need to borrow a portion of the land value on top of the build cost we can potentially help with that too. There are other ways in which we can help you get your building project out of the ground, get in touch with us and let’s get working.  For us to make an initial decision for you we just need the basic details of the project, such as the address and figures involved. We will have a good look at it on your behalf and try to find reasons why we should be lending and funding your project.

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