Written by David Lovato – CPC Development Lending Solutions
What’s the number one key to succeeding with property development?
No, it’s not getting the property side of the equation right – that’s number two. It’s getting the finance right and this starts with your initial loan application.
To get the finance right, you should always think about the strength of your application. Here are five things you should consider before applying :
* Reducing your current debt levels – in this market, lenders are attracted to loans with lover LVRs.
* Ensure your financials are up-to-date – this includes your latest business and personal tax returns.
* Update your CV – showcase your skillset and previous development experience.
* Update your project feasibility – make sure your costs reflect the current market’s increases in consultant fees and construction.
* Present a strong exit strategy – the lender is primarily concerned with how you will repay their loan.
CPC has assisted numerous developers in getting their projects in front of the right lenders. We know how to best present your application to get the best loan available in the marketplace.
Crowd Property Capital is a property development finance specialist. We help developers obtain finance for their projects. Contact us at [email protected]