Developing a plot of land?
13-05-2008, 04:55 PM
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Developing a plot of land?
Does anyone know if you get a mortgage to build a few properties on a plot of land, or go for a business loan?
A friend and I have chance to buy a plot of land for a cheap price which has planning permission for 3, 3bed houses..
Can anyone point me in the right direction to get started?
Cheers
A friend and I have chance to buy a plot of land for a cheap price which has planning permission for 3, 3bed houses..
Can anyone point me in the right direction to get started?
Cheers
13-05-2008, 05:06 PM
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The bank wouldn't lend me money for a plot to build a house, had to get a Bond sorted out, anyone cuold then get the cash and bugger off! then the bank had nothing to secure it against.
Cheers
Paul
Cheers
Paul
13-05-2008, 05:35 PM
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So what kind of bond are we looking at?
I know a sweet plot of land, planning permission for 4 houses plus car park, in a very quiet place. Never thought it would be possible forme to just lend the money? Take it you need to go in with plans etc....
I know a sweet plot of land, planning permission for 4 houses plus car park, in a very quiet place. Never thought it would be possible forme to just lend the money? Take it you need to go in with plans etc....
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13-05-2008, 05:44 PM
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I use mortgagesforbusiness for all my finanical business needs. They could probably sort u out some development finance BUT the lender will want to know details of builders, times scales, projected profits etc and probably want to sit down with the key people involved etc. My advice would be to give them a ring / have a look at their website as a starting point.
They've helped me out brilliantly over the years
They've helped me out brilliantly over the years
13-05-2008, 06:52 PM
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13-05-2008, 08:09 PM
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it took 2 years to get the sewer diverted by south west water,, about a year of actual building work, as we had old fuel tanks in ground to remove(garage petrol station beforre!) 6 months for ground surveys to measure soil contamination.....not a straight forward one....
13-05-2008, 08:17 PM
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13-05-2008, 08:57 PM
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You can get 70% loan to value on the plot and 75% loan to value on the projected sales price of the completed properties. If you are a first timer the bank may want an independent monitoring surveyor but may allow your architect to have that role.
The business loan will in staged payments with a drawdown as the while the plot is being developed its going up in value.
Steer clear of Barclays as they are the sons of Satan
Nat West/RBS I highly recommend
The business loan will in staged payments with a drawdown as the while the plot is being developed its going up in value.
Steer clear of Barclays as they are the sons of Satan
Nat West/RBS I highly recommend
Last edited by 15D; 13-05-2008 at 09:11 PM. Reason: typos
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