If you are a building contractor then it is fair to say that in order for your business to grow and to prosper, you need to have fast and easy access to funds. You always need to be able to keep yourself on track when you are building new homes or businesses because you are probably tied up to time constraints and if you don’t meet your deadlines then you will have financial penalties. No contractor wants workers to be standing around doing nothing because the necessary supplies have not arrived because they haven’t been paid for in full. It is important that they can get finance quickly and with no monthly payments. You also need the funds to be given to you than with no strings attached so you can spend it on things like materials and labor.
This is why many opt for development finance and if this is a very new concept for you then you can find out more here at www.ascotbridgingfinance.co.uk and one of its major benefits is that borrowers can gain access to quite large sums of money and this is why it is one of the most extensive borrowing facilities currently available in the United Kingdom. The funds are provided so that a building contractor can get his or her project underway and as the project continues on and becomes close to finishing then they can get more money to make sure that everything is completed on time. Unlike when you apply for a private mortgage, you can get the full 100% of the total cost of construction and so this makes it perfect for the many building contractors all across the country.
The following are some of the other advantages of development finance for your business.
- Money for a property – Development finance allows you to be able to get money on certain properties and plots of land that may have been deemed unsuitable by other lending institutions. You can even include properties that have not been maintained and that have seen better years. This can also include derelict buildings that you own that there is no intention to fix it up any time soon.
- It is paid off quickly – When you take out development finance, it can be paid back frequently quickly and so this helps with keeping your overall borrowing costs to a minimum. This type of loan is perfect because it isn’t like other long-term borrowing loans that tie you up for unreasonable amounts of time and which you end up paying a lot more for. The interest is only charged on the funds that are given to you and this helps to reduce the overall costs of a construction projects in a positive way.
There are actually no specific limitations as to how much can actually be borrowed because if the project is deemed as reliable by the lender then development finance can be offered to cover the whole costs of the project no matter how much it is going to cost.