Development Finance
BiG can provide finance to carry out the refurbishment or construction of a project, as well as contributing to the property value/purchase. Rates and Fees for property and residential development. Please note that the figures below represent our best rates which are subject to location and underwriting; The following fees will also be applied; 1. Interest from 1.10% per month (subject to experience; location; loan to cost) 2. Arrangement Fee from 1% of the facility. 3. A Valuation Report for the land value; gross development value and build costs will be instructed by BiG and the cost will be paid for by the borrower. 4. The borrower will be responsible for our legal costs in setting up the loan, circa £1,200 to £2,500 depending on the property and loan structure. 5. A small fee of circa £250-£300 per release of charge will be payable to our solicitor on exit. 6. A Monitoring Surveyor will be appointed to issue certificates for the value of works against which BiG will release payments. Circa £400 per certificate. Term: 4 month to 3 years. We will always allow a minimum of 3 months extra to a facility period from the anticipated cash flow to allow for any unexpected delays.