Property Development Finance: Why Use a Broker?
The world of finance often seems incredibly complicated to the newcomer. However, property development finance may well be seen as the most complicated aspect of all. There are so many finance options, so many factors influencing the lender, and so many potential pitfalls, that a novice is likely to be quite bewildered. So for the newcomer, using a broker would seem to be a very good idea But even for the experienced professional, the savings in time and effort by using a broker can be immense.
• Complexity of market. Different lenders of property development finance often take different views on the same project. For instance, some lenders will be restricted to certain geographical areas, some will only consider experienced developers, some will rule out certain types of property. A broker has access to all the information and can identify which lenders are appropriate for your project.
• Time is money. A broker can save you a great deal of time. Not only can brokers quickly identify the most appropriate lender for your particular project, out of the large numbers of providers of property development finance in the market, but they can usually achieve a faster response from the lender. Sometimes a decision in principle can be obtained in hours and the funds available in days.
• Effective presentation. A broker has the experience in presenting and packaging the application for property development finance on your behalf. The broker also knows how to present it in a way that is most likely to achieve a positive response.
• Preferential rates. Brokers are often able to negotiate preferential rates. This alone can often outweigh the cost of using a broker.
• Fees. Some brokers do not charge fees, taking their payments from commissions. Those who do charge fees will normally not get paid until the completion of the deal. This gives you the assurance that the broker has the incentive to process the property development finance deal as quickly as possible, and also to remain on hand to help with any glitches in the process right through to completion.
• Business understanding. The broker is in a position to see your property development finance project in a wider business context, and provide advice on making it work.
An application for property development finance can be very stressful, whatever your level of experience. Going it alone is not a good idea, especially for the novice. Using a broker with expertise in this area can smoothe out the process at every stage.
About the Author
Sean Horton is a Director of Enhanced Wealth Limited who offer a specialist service for property development finance
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