Developing new commercial properties is a hard task. Many offices are being developed across West London to meet the demand of new businesses being created.
Not everyone can succeed because not everyone knows how to get the finance they need to begin developing their commercial properties.
There are many rumours related to getting finance so you can begin developing a commercial property.
- You have to be experienced
- You need lots of money to be approved for loans
- You won’t succeed unless the property is worth large sums of money
More.
None of them is true!
Different types of people are eligible for commercial finance loans depending on where they go to.
Whilst many banks prefer to provide a commercial property loan to someone who has an excellent credit score, and shows to the bank that they are likely to pay it back… not all finance providers think that way.
There is a rise in alternative funders that specialise in providing commercial property finance loans to individuals who want to use the funds to develop offices.
Whilst banks may only focus on credit score and income, other alternative providers focus on providing to builders that display potential and passion for their project.
Instead of worrying about the size and the capacity of their operation, property developers will only need to show finance providers the potential their project has. As well as show that it will generate interest in the market when it is completed.
Commercial property finance is suitable for developers of all types: regardless of age, years of experience, the number of commercial projects developed and their credit score.
Those who receive a finance loan for their commercial property development will benefit from:
- Lower interest rates
- Capital gains
- High renting potential
- No high mortgage/rent payments
Many miss out on developing more commercial properties because they believe they may not be accepted.
But, more alternative providers are accepting passionate individuals who demonstrate their potential and a hard-working attitude!