Stretched Senior Loans – Our Clients First Choice
Stretched senior development loan refers to a first charge development facility that provides a higher loan to cost value percentage than typical senior debt can do. Stretched suggesting that the loan stretched further than a normal senior debt in terms of leverage. Stretched senior loans can typically provide up to 75% of the Gross Development Value or 90% of total project costs. As expected, such funds are only available to well-experienced, professional developers, given the developer’s cash contribution will be a small percentage of overall costs. The high risk associated with higher levels of funding is reflected in a higher interest rate compared to standard senior debt.
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PropertyFinanaceCompare.com is a team of professional brokers, not lenders. We become a bridge between borrowers and lenders to enter into different types of loan agreements, including both secured and unsecured loan agreements.
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When you apply, lenders want to see how you plan to repay the loan, so you will need to show them plans for your project. They will want to know information, such as the cost of the property and the estimated cost of the project, as well as how long you expect the work to take.
They may also ask for extra reassurance about the project, and conduct their own independent evaluation of the property, and they may want to make sure you have enough funds in reserve to make up any overages or contingences.
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