Obtaining development finance can be complex and time consuming. Enlisting expert broker support at the earliest possible stage is essential in order to traverse what can be an impossibly steep learning curve.

Even with broker support on-board, your own knowledge and understanding of the sector will play a role. As will how you present your application, and who you present it to.

With this in mind, here are a few simple yet essential tips for getting the best available development finance product for your needs:

  • Compare as many options as possible

As with all forms of finance, comparing the market in its entirety holds the key to getting a good deal. Something that is only possible with independent broker support, as many specialist lenders offer their services exclusively via broker introductions.

  • Impress with your experience

Be mindful of the fact that nothing impresses lenders more than an established track-record and provable experience. This alone will play a major role in determining how risky or otherwise you are seen as a prospective borrower. The more evidence you can provide of your history and relevant experience, the better.

  • Focus on the finer details

All lenders have their own unique yet equally intricate information requirements where development finance applications are concerned; even if you have penned countless applications to date, do not simply assume you know what they want from you. Focus on the finer details and avoid wasting time on applications with errors or exclusions.

  • Prepare for every possible question

Be mindful of the fact that your initial application will only be the first step in a much longer screening process. Irrespective of how much information you provide, you can expect to be questioned extensively on all aspects of your project. Ensure you are in a position to answer every question imaginable, and do so as promptly as possible.

  • Be confident in your exit strategy

Your lender will want to see evidence that irrespective of the outcome, they will get their money back in full and on time. Hence, your job is to show them that you have considered all possible scenarios and there is no realistic way they will end up out of pocket. Demonstrate confidence in your exit strategy, while showing you have considered every ‘what if’ outcome.

  • Enlist broker support at an early stage

Your broker is there to handle all complicated aspects of your application on your behalf. Not to mention, pair your requirements with the best lender available and negotiate an unbeatable deal. The turnaround time on development finance projects can be fairly extensive, in accordance with the size and nature of the project. Do not make the mistake of seeking broker support at the last possible moment.

  • Listen to your broker

Listen to and heed the advice of your broker, even when their suggestions come as something of a curveball. For example, it could be that there are alternatives to development finance available, which may prove more convenient and cost-effective. As an independent and therefore impartial expert advisor, your broker is there for no reason other than to point you in the direction of the best possible deal.

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