Property Development Finance from Santander

If you’re looking for a quick way to get approved for property development finance, then Santander offers the perfect solution for you.

Their scheme is available to anyone in the UK, even non-UK residents. A bad credit score should not stop you as this is normally fine, and no income proof is required.

Property development finance is not just for the experienced developer, as it’s possible to get funding as a first-time developer too. You just need to show you can professional manage the development of a property.

There is no upper limit on how much you can borrow, but a minimum of £50k must be borrowed. The average range is from £200k to £5m.

A decision on your application can be made on the same day.

If you’re successful, funding becomes available at different stages during the project. The first draw-down is usually available when you first purchase the property, and then at agreed stages, made by Santander’s surveyor reports. The funds are drawn-down as work is completed, or on a monthly basis if that’s agreed upon.

The lending term will range from 3 to 18 months, depending on the size of your project.

It’s available on all types of property, from commercial and semi-commercial to residential. Regardless of having planning permission or not, the loan is available for land too.

An SPV (special purpose vehicle) is usually required by Santander to be eligible to apply for development funding, which is a formed limited company designed for the sole development of a particular property. Limited companies, limited liability partnerships and individuals can all apply for property development finance.

The interest rate you are offered is highly dependent on the project, it’s location, the loan amount and how much experience you have. But expect to be in the range from 5%-12% pa.