In the Hunter Finance office, we deal with a large number of calls each day. They are developers in need of loans to secure land or to progress with construction contact. We have spent the last few years developing our expertise and researching the market to become the leader in development financing in the South East.
The presumption is that the banks offer the best deals when it comes to development loans however we are finding that more and more developers are beginning to get frustrated with them.
Their lack of personal input into the project is one factor.
Our Investment Director, James Bougon, received a call from one developer who was fed up with the banks. He had requested financial backing for development in December, but despite being a regular customer, the banks were yet to respond. It wouldn’t be long before he would have to reapply for planning permission.
James offered his insight into the frustrations of the developers he had met and had conversations with. “Developers I speak to – that have dealt with the banks before – are growing frustrated by the lack of response. They put requests for finance forward, but nothing comes back. The developers I have spoken to have actually lost opportunities due to these delays. It’s costing them money, and they aren’t impressed.”
Use a Private Lender
At Hunter Finance we do things differently.
We are private lenders funding property developments in the South East of England.
Our rapid decision-making process will have an answer in principle to you within a couple of days.
Call us on 01825 749721 to talk to one of our expert team members about your project
What’s the bigger picture?
So while parliament has hammered home the need to get building throughout the UK, the banks aren’t acting as if they are interested. Smaller developers are losing projects and losing money. That’s why the smaller developers need to be helped. Demand for housing is only going to increase. That’s only going to be made worse if no properties are being built.