{"id":3889,"date":"2021-01-28T14:15:31","date_gmt":"2021-01-28T14:15:31","guid":{"rendered":"https:\/\/octagoncapital.co.uk\/?p=3889"},"modified":"2021-09-26T17:51:18","modified_gmt":"2021-09-26T16:51:18","slug":"is-development-finance-the-right-option","status":"publish","type":"post","link":"https:\/\/octagoncapital.co.uk\/guides\/is-development-finance-the-right-option\/","title":{"rendered":"Is Development Finance the Right Option For Me?"},"content":{"rendered":"<p>If you are looking to do a total large-scale renovation or build from scratch, development finance is a great option to secure the funding that you need. They allow you money in the short-term to finance your projects and you pay back the loan and any additional incurred costs after the properties are sold. Development finance is an ideal solution for those looking for short-term funding (usually between 6-18 months).<\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: left;\">What Can I Use Development Finance For?<\/h2>\n<p><a href=\"https:\/\/octagoncapital.co.uk\/development-finance\/\">Development finance<\/a> can be used to fund many different purposes covering everything from new builds to buying land to major renovation projects.<\/p>\n<p>&nbsp;<\/p>\n<h3>Residential Property Development<\/h3>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-4416 size-full\" src=\"https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/Residential-properties.jpg\" alt=\"Residential-properties\" width=\"800\" height=\"450\" srcset=\"https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/Residential-properties.jpg 800w, https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/Residential-properties-300x169.jpg 300w, https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/Residential-properties-768x432.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>For those looking to renovate, refurbish or buy properties for residential purposes, development finance can be a great choice. This is true whether your project involves single residential builds to larger-scale multi-unit development complexes. With Octagon Capital, you can access funds for construction costs and purchase the property with a flexible repayment plan. Upon completion, you have the flexibility to either sell the flats at a higher price or rent them out.<\/p>\n<p>&nbsp;<\/p>\n<h3>Commercial Property Development<\/h3>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-4417 size-full\" src=\"https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/Offices-commercial-property.jpg\" alt=\"Offices-commercial-property\" width=\"800\" height=\"533\" srcset=\"https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/Offices-commercial-property.jpg 800w, https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/Offices-commercial-property-300x200.jpg 300w, https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/Offices-commercial-property-768x512.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>If you are wanting to finance a commercial property development project, development finance could be the ideal solution. Whether your projective involves offices, shops or even vacant land, development finance could help fund all of the fittings and fixtures of a commercial property. Speak to an advisor today to learn more about our panel of lenders, many of whom are experienced in commercial property development.<\/p>\n<p>&nbsp;<\/p>\n<h3>Ground Up Development<\/h3>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-4327 size-large\" src=\"https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/development-finance-1-1024x682.jpg\" alt=\"development-finance\" width=\"840\" height=\"559\" srcset=\"https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/development-finance-1-1024x682.jpg 1024w, https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/development-finance-1-300x200.jpg 300w, https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/development-finance-1-768x512.jpg 768w, https:\/\/octagoncapital.co.uk\/wp-content\/uploads\/2021\/01\/development-finance-1.jpg 1280w\" sizes=\"(max-width: 840px) 100vw, 840px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Development finance is a perfect option for those looking to start from zero. Those looking to take on such a grand project need not be put off by the funding part. Whether you are starting with a completely empty plot of land or looking to totally renovate an existing property, development finance can help you fund the project. Once completed, you can reap the benefit of a fully functioning property, ready to sell on or rent out.<\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: left;\">Advantages of Using Development Finance<\/h2>\n<p>Even for those lucky enough to be able to self-fund a development project, there are benefits to looking to development finance to cover some or all of the costs. Opting for development finance enables:<\/p>\n<ul>\n<li aria-level=\"1\">Access to larger funds<\/li>\n<li aria-level=\"1\">Untouched personal cash flow<\/li>\n<li aria-level=\"1\">Ability to take on multiple simultaneous projects<\/li>\n<li aria-level=\"1\">Greater return on investment rate<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: left;\">Am I Eligible For Development Finance?<\/h2>\n<p>To be eligible for development finance with Octagon Capital you must meet the following criteria:<\/p>\n<ul>\n<li aria-level=\"1\">You must be based in UK, Scotland or Wales<\/li>\n<li aria-level=\"1\">You must have information including GDV, construction and site costs<\/li>\n<li aria-level=\"1\">All credit histories considered<\/li>\n<li aria-level=\"1\">Must be a limited company<\/li>\n<\/ul>\n<p>Development finance can be an important tool in helping a property development project to take off. However, it&#8217;s important to check that you are suitable for finance before making your application with a lender. Your eligibility will ultimately be down to the details you provide in your application as well as the lender&#8217;s own requirements.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Can I Get Development Finance as a First Time Developer?<\/strong><\/h2>\n<p>Yes, first-time developers may be eligible for finance with a development finance lender. Just because you&#8217;re a first-time developer doesn&#8217;t mean you aren&#8217;t capable of carrying out a successful property development project. Lenders understand this, and many are willing to take a view on those with little experience with project of this nature. However, it can be beneficial for applicants to have a substantial history in development finance and a great portfolio of past projects to hand.<\/p>\n<p>Inexperienced developers will need to have an experienced team on the project, as well as a solid plan for the development &#8211; including an exit strategy, total build cost, Gross development value and more.<\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: left;\">What Information Would I Need?<\/h2>\n<p>In order to apply for development finance with Octagon Capital you can make a quick enquiry via phone call, email or filling out the contact form, with just a few basic details including:<\/p>\n<ul>\n<li aria-level=\"1\">Details of the development project<\/li>\n<li aria-level=\"1\">Property size<\/li>\n<li aria-level=\"1\">Amount you are looking to borrow<\/li>\n<\/ul>\n<p>With those few details, an advisor can indicate what possibilities are available, how much you could potentially borrow and at what rates.<\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"text-align: center;\"><a href=\"https:\/\/octagoncapital.co.uk\/contact-us\/\">Contact us at Octagon Capital so see what is the best option to suit your project needs<\/a><\/h4>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are looking to do a total large-scale renovation or build from scratch, development finance is a great option [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":4327,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Development Finance the Right Option For Me? 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