{"id":36297,"date":"2022-09-09T10:49:12","date_gmt":"2022-09-09T10:49:12","guid":{"rendered":"https:\/\/swoopfunding.com\/ng\/?page_id=36297"},"modified":"2024-05-03T14:20:57","modified_gmt":"2024-05-03T14:20:57","slug":"development-finance","status":"publish","type":"page","link":"https:\/\/swoopfunding.com\/ng\/commercial-mortgages\/development-finance\/","title":{"rendered":"Development finance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"36297\" class=\"elementor elementor-36297\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7946190 e-flex e-con-boxed e-con e-parent\" data-id=\"7946190\" data-element_type=\"container\" id=\"hero-title\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3b5635d e-con-full e-flex e-con e-child\" data-id=\"3b5635d\" data-element_type=\"container\" 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.elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Development finance explained \u2013 what is it & how does it work?<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fc091a elementor-widget elementor-widget-text-editor\" data-id=\"7fc091a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) 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data-settings=\"{&quot;scroll_offset&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;115&quot;,&quot;sizes&quot;:[]},&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;],&quot;sticky_offset&quot;:&quot;130&quot;,&quot;sticky_parent&quot;:&quot;yes&quot;,&quot;scroll_offset_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;scroll_offset_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;scroll_offset_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_text_align&quot;:&quot;left&quot;,&quot;heading_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:15,&quot;sizes&quot;:[]},&quot;content_between_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;sticky_effects_offset&quot;:0}\" 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id=\"last-updated-container\" class=\"\">\n\n <script id=\"last-updated-schema\" type=\"application\/ld+json\">\n        {\n          \"@context\": \"https:\/\/schema.org\",\n          \"@type\": \"Article\",\n          \"headline\": \"Development finance\",\n          \"image\": [\"https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-scaled.jpg\"],\n          \"datePublished\": \"2022-09-09T10:49:12+00:00\",\n          \"dateModified\": \"2024-05-03T14:20:57+00:00\",\n          \"author\": [{\n              \"@type\": \"Person\",\n              \"name\": \"Chris Godfrey\",\n              \"url\": \"https:\/\/swoopfunding.com\/ng\/author\/chris-godfrey\/\"\n            }]\n        }\n    <\/script>\n \n <div class=\"last-updated view-user\" style=\"justify-content: left;\">\n \n <div class=\"info-left\">\n <a href=\"https:\/\/swoopfunding.com\/ng\/author\/chris-godfrey\/\"><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2021\/03\/chris-godfrey-author.png\" data-lazy-src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2021\/03\/chris-godfrey-author.png?is-pending-load=1\" alt=\"Chris Godfrey\" class=\"jetpack-lazy-image\" loading=\"lazy\" width=\"92\" height=\"92\"><\/a>\n <\/div>\n \n <div class=\"info-right\">\n <p>Page written by <a href=\"https:\/\/swoopfunding.com\/ng\/author\/chris-godfrey\/\">Chris Godfrey<\/a>. <span>Last reviewed on May 3, 2024<\/span>. <span>Next review due 2025.\n <\/span>\n <\/p>\n\n <\/div>\n\n <\/div>\n<\/div>\n\n<div id=\"externalTooltipContent\" style=\"display: none;\">\n <div class=\"top-info\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2021\/03\/chris-godfrey-author.png\" data-lazy-src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2021\/03\/chris-godfrey-author.png?is-pending-load=1\" alt=\"\" class=\"jetpack-lazy-image\" loading=\"lazy\" width=\"92\" height=\"92\">\n <div class=\"text\">\n <div class=\"name-author\">Chris Godfrey<\/div>\n <div class=\"role-user\">Expert financial copywriter<\/div>\n <\/div>\n <\/div>\n <div class=\"description\">Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.<\/div>\n<\/div>\n\n<div class=\"modal fade modal-form modal-user\" id=\"modal-user\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"modal-user\" aria-hidden=\"true\">\n <div class=\"modal-dialog\" role=\"document\">\n\n <div class=\"modal-content\">\n <div class=\"modal-header\">\n <button type=\"button\" class=\"close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <span aria-hidden=\"true\">&times;<\/span>\n <\/button>\n <\/div>\n <div class=\"modal-body\">\n \n <div class=\"top-info\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2021\/03\/chris-godfrey-author.png\" data-lazy-src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2021\/03\/chris-godfrey-author.png?is-pending-load=1\" alt=\"\" class=\"jetpack-lazy-image\" loading=\"lazy\" width=\"92\" height=\"92\">\n <div class=\"text\">\n <div class=\"name-author\">Chris Godfrey<\/div>\n <div class=\"role-user\">Expert financial copywriter<\/div>\n <\/div>\n <\/div>\n <div class=\"description\">Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.<\/div>\n <ul class=\"social-links\">\n <li><a href=\"https:\/\/www.linkedin.com\/in\/christopher-godfrey-332198139\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"text-link\">Linkedin<\/span><i class=\"icon icon-linkedin\"><\/i><\/a><\/li>\n <li><a href=\"https:\/\/www.freelancewords.co.uk\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><span class=\"text-link\">Website<\/span><i class=\"icon material-icons\">web_asset<\/i><\/a><\/li>\n <\/ul>\n \n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20c8544 elementor-widget elementor-widget-text-editor\" data-id=\"20c8544\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Developing property for resale or to retain as an investment or for your own residential needs can be a great way to generate income or move up the property ladder. However, South African real estate development can be costly, and many potential developers lack sufficient funds to pay in cash. Fortunately, there\u2019s a way to solve this problem \u2013 development finance provides special loans to purchase land and pay Bill the builder and Scott the sparky. Don\u2019t let the lack of cash limit your ambitions. Check out a tailor-made development loan and get busy building.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9863332 uael-heading-align-left elementor-widget elementor-widget-uael-table-of-contents\" data-id=\"9863332\" data-element_type=\"widget\" id=\"table-of-content-column\" data-settings=\"{&quot;heading_text_align&quot;:&quot;left&quot;,&quot;heading_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:15,&quot;sizes&quot;:[]},&quot;content_between_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"uael-table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"uael-toc-main-wrapper\" data-headings=\"h2,h3,h4\" >\n\t\t\t<div class=\"uael-toc-wrapper\">\n\t\t\t\t<div class=\"uael-toc-header\">\n\t\t\t\t\t<span class=\"uael-toc-heading elementor-inline-editing\" data-elementor-setting-key=\"heading_title\" data-elementor-inline-editing-toolbar=\"basic\" ><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-toc-toggle-content\">\n\t\t\t\t\t<div class=\"uael-toc-content-wrapper\">\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t<ul data-toc-headings=\"headings\" class=\"uael-toc-list uael-toc-list-none\" data-scroll=\"\" ><\/ul>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"uael-toc-empty-note\">\n\t\t\t\t\t<span>Add a header to begin generating the table of contents<\/span>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c2001bb question elementor-widget elementor-widget-heading\" data-id=\"c2001bb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is development finance?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb619d6 answer elementor-widget elementor-widget-text-editor\" data-id=\"eb619d6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Development finance is a term for loans used to support the costs associated with a residential or commercial development project. Unlike long-term property mortgages, development financing is typically short-term, with lifecycles in the range of 6-24 months. Loans can be used to buy land and pay for <a href=\"https:\/\/swoopfunding.com\/ng\/sectors\/construction-loans-and-finance\/\">construction costs<\/a>, and they are suitable for ground-up new builds, conversions or refurbishments of existing properties.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a8bffd elementor-widget elementor-widget-ucaddon_a_word_from_andrea\" data-id=\"6a8bffd\" data-element_type=\"widget\" data-widget_type=\"ucaddon_a_word_from_andrea.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n\t\t\t\n<div class=\"word-from-andrea\">\n <div class=\"left-info\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/ng\/wp-content\/themes\/swoopMW50\/assets\/images\/andrea.png\" alt=\"Andrea Reynolds, Swoop\u2019s CEO & Co-Founder\" width=\"136\" height=\"136\">\n <div class=\"position\"><strong>Andrea Reynolds<\/strong><br>Swoop\u2019s CEO & Co-Founder<\/div>\n <\/div>\n <div class=\"right-info\">\n <p class=\"title-module\">A word from Andrea<\/p>\n <div class=\"description\">\n <p><em>\"Due to the costs associated with real estate development and many property developers requiring cash to complete their projects, development finance is becoming an increasingly popular option to fill this gap. Development finance provides special loans to purchase land and pay your contractors.\"<\/em><\/p> <\/div>\n <\/div>\n<\/div>\n\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8c6d7e question elementor-widget elementor-widget-heading\" data-id=\"d8c6d7e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How does development finance work?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c262cde answer elementor-widget elementor-widget-text-editor\" data-id=\"c262cde\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Property development finance assists with funding a residential or commercial development. Unlike regular home or\u00a0<a href=\"https:\/\/swoopfunding.com\/ng\/commercial-mortgages\/\">commercial mortgages<\/a>, where a loan is taken out to buy an existing property, development finance is used to build a new property or to renovate or convert an existing property. Because the development property does not yet exist (new-build), or it is going to be significantly changed from its current condition (refurbs and conversions), development loans are granted on the cost of the development as well as the projected future value of the property when it has been completed. In all cases, LTC (loan to cost \u2013 the size of the loan against the total deal costs) and LTGDV (loan to gross development value \u2013 the size of the loan against the end value of the property once constructed), the borrower\u2019s previous track record in the sector and their ability to repay the borrowing are all considered during the assessment of loan applications.<\/p><p>With development loans, interest is usually rolled-up or capitalised. This means that the interest charged by the lender is added to the loan balance rather than paid as a monthly instalment. This means there is no drain on cashflow during the construction period and the total interest charged is paid when the properties are sold or refinanced to repay the debt.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a6fe4d7 question elementor-widget elementor-widget-heading\" data-id=\"a6fe4d7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Types of development finance<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-188a80f answer elementor-widget elementor-widget-text-editor\" data-id=\"188a80f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Development finance facilities are all unique, there is no one size fits all facility. They are tailor-made products specifically designed for different types of development and created bespoke for each scheme a developer undertakes. Development finance loans can be used for the following purposes:<\/p><ul><li>Residential property development<\/li><li>Commercial\/semi-commercial property development<\/li><li>Renovations\/conversions\/refurbishment<\/li><li>New builds<\/li><li>Single-unit developments scaling up to large multi-unit schemes<\/li><li>Development exit funding (sometimes called sales period funding) \u2013 similar to a <a href=\"https:\/\/swoopfunding.com\/ng\/commercial-mortgages\/bridging-finance\/\" target=\"_blank\" rel=\"noopener\">bridging loan<\/a>\u00a0and typically used to finance a recently completed development until the units are sold or refinanced on a longer term loan facility.<\/li><li><a href=\"https:\/\/swoopfunding.com\/ng\/business-loans\/mezzanine-finance\/\" target=\"_blank\" rel=\"noopener\">Mezzanine development finance<\/a>\u00a0\u2013 a secondary line of borrowing for the same development. Usually used to reduce the need for a large cash deposit. Sometimes called a \u2018junior loan\u2019 or a \u2018junior mortgage\u2019.<\/li><\/ul><p>Some development projects may require a mix of different loan products, (for example, new-build mixed with conversion of an existing structure), or the developer (borrower) may be unsure as to which kind of financing to apply for. Professional opinion is advised in such circumstances.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ee1858 question elementor-widget elementor-widget-heading\" data-id=\"7ee1858\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The process explained<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-efdd771 answer elementor-widget elementor-widget-text-editor\" data-id=\"efdd771\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>There are multiple steps in any development finance deal. A typical transaction looks like this:<\/p><ul><li>Initial enquiry \u2013 free advice \u2013 formal application submitted to lenders when the time is right<\/li><li>Lender provides an agreement in principle \u2013 indication of terms and conditions<\/li><li>Lender conducts <a href=\"https:\/\/swoopfunding.com\/ng\/business-glossary\/due-dilligence\/\">due diligence<\/a>, which may include a site visit and\/or valuations<\/li><li>Projected future value of development delivered<\/li><li>Lender makes formal loan offer \u2013 accepted by borrower<\/li><li>Lawyers create documentation \u2013 signature by all parties \u2013 exchange of contracts<\/li><li>Completion \u2013 first drawdown of funds to buy land or start construction<\/li><li>Additional drawdowns to fund build costs<\/li><li>Repayment of loan \u2013 usually when the development is sold or refinanced<\/li><\/ul><p>Most lenders will require a substantial file of documents from the borrower at the time of application, however we work with our clients to make this process as painless as possible. Having all your ducks in a row will enhance the potential for successful project funding. Every lender will have their own proprietary criteria for documentation, but key paperwork includes:<\/p><ul><li>Details of planning permission and any drawings<\/li><li>Details of any planning restrictions or levies that may impact project profitability<\/li><li>Complete breakdown of all project costs<\/li><li>Details of borrower\u2019s development experience and examples of previous projects<\/li><li>Schedule of works (operational calendar) broken down by phases<\/li><li>Details of architects, contractors etc.<\/li><li>List of borrower\u2019s <a href=\"https:\/\/swoopfunding.com\/ng\/business-glossary\/current-assets\/\">current assets<\/a> and liabilities, plus projected expenditures during the life of the project<\/li><li>Proposed exit strategy<\/li><li>Projected gross development value \u2013 what will it all be worth when completed?<\/li><\/ul><p>Whilst experience is preferred for most lenders, if you\u2019re a first time developer there are options available to you too.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38a90f5 question elementor-widget elementor-widget-heading\" data-id=\"38a90f5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How much can I borrow?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46b9bb2 answer elementor-widget elementor-widget-text-editor\" data-id=\"46b9bb2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Development loans start from as little as R200,000. Different lenders have various upper limits. Our team of experts can provide you with options up to R50 million.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a64bbe question elementor-widget elementor-widget-heading\" data-id=\"8a64bbe\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What are the interest rates?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1f2887 answer elementor-widget elementor-widget-text-editor\" data-id=\"f1f2887\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><a href=\"https:\/\/swoopfunding.com\/ng\/business-glossary\/interest-rate\/\">Interest rates<\/a> vary from 7% to 15% <a href=\"https:\/\/swoopfunding.com\/ng\/business-glossary\/annual-percentage-rate-apr\/\">APR<\/a>, however, as development loans are short-term, the amount of interest charged is of lower importance to the borrower than the total deal costs (fees, etc) and the loan covenants (terms and conditions), that a lender will insist upon. This is where our team of commercial finance managers will guide you through the various options available to you. The cheapest rate isn\u2019t always the most competitive overall deal.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-490ad86 question elementor-widget elementor-widget-heading\" data-id=\"490ad86\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What fees &amp; other costs are involved?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c9cb3c answer elementor-widget elementor-widget-text-editor\" data-id=\"5c9cb3c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Fees vary according to each loan and the specific set of circumstances surrounding the deal. Typical fees included in development financing are:<\/p><ul><li>Lender arrangement fee \u2013 a charge from the lender for providing the finance.<\/li><li>Broker arrangement fee \u2013 a charge from the broker who functioned as intermediary between borrower and lender, as well as any other professionals involved in the deal.<\/li><li>Monitoring surveyor fees, (sometimes called Quantity Surveyor Fees, or QS) \u2013 costs to maintain professional surveyor oversight of the development to ensure it complies with building regulations and deal covenants during the term of the loan.<\/li><li>Exit fees \u2013 a charge applied when the loan is paid off.<\/li><li>Legal fees \u2013 lawyer costs and fees.<\/li><li>Non-utilisation fees\u00a0\u2013 interest is usually charged only on the sum of money drawn from the loan pool. Some lenders may additionally charge a non-utilisation fee to compensate them for funds they have made available to the lender, but which are left unused and not earning interest.<\/li><li>Management\/admin fees \u2013 office costs and fees to manage the loan.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7376ca0 elementor-widget elementor-widget-heading\" data-id=\"7376ca0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Add Your Heading Text Here<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c128532 elementor-widget elementor-widget-text-editor\" data-id=\"c128532\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Use this simple calculator to understand how much you could borrow and how much it will cost.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-052b967 elementor-widget elementor-widget-ucaddon_development_finance_calculator\" data-id=\"052b967\" data-element_type=\"widget\" data-widget_type=\"ucaddon_development_finance_calculator.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n\t\t\t\n \n <div class=\"development-finance-calculator form-calculator\">\n <div class=\"left_column\">\n <div class=\"inner-left\">\n <p class=\"title\">Property security<\/p>\n\n <div class=\"form-group\">\n <label for=\"initial_land_value\">Initial land value<\/label>\n <div class=\"input-group mb-3\">\n <div class=\"input-group-prepend\">\n <span class=\"input-group-text\">\u20a6<\/span>\n <\/div>\n <input id=\"initial_land_value\" type=\"text\" class=\"form-control mask-money\" aria-label=\"Initial land value\" value=\"2500000\" inputmode=\"numeric\">\n <\/div>\n <\/div>\n\n <div class=\"form-group\">\n <label for=\"initial_land_value\">Total construction costs<\/label>\n <div class=\"input-group mb-3\">\n <div class=\"input-group-prepend\">\n <span class=\"input-group-text\">\u20a6<\/span>\n <\/div>\n <input id=\"total_construction_costs\" type=\"text\" class=\"form-control mask-money\" aria-label=\"Total construction costs\" value=\"350000\" inputmode=\"numeric\">\n <\/div>\n <\/div>\n\n <div class=\"form-group\">\n <label for=\"gross_development_value\">Gross development value<\/label>\n <div class=\"input-group mb-3\">\n <div class=\"input-group-prepend\">\n <span class=\"input-group-text\">\u20a6<\/span>\n <\/div>\n <input id=\"gross_development_value\" type=\"text\" class=\"form-control mask-money\" aria-label=\"Gross development value\" value=\"5500000\" inputmode=\"numeric\">\n <\/div>\n <\/div>\n\n <div class=\"form-group\">\n <label for=\"number_of_units\">Number of units<\/label>\n <div class=\"input-group mb-3\">\n <input id=\"number_of_units\" type=\"number\" class=\"form-control\" aria-label=\"Number of units\" value=\"10\">\n <\/div>\n <\/div>\n\n <div class=\"form-group\">\n <label for=\"size_of_development_square_feet\">Size of development (in square feet)<\/label>\n <div class=\"input-group mb-3\">\n <input id=\"size_of_development_square_feet\" type=\"number\" class=\"form-control\" aria-label=\"Size of development (in square feet)\" value=\"100000\">\n <\/div>\n <\/div>\n\n <div class=\"form-group\">\n <label for=\"max_loan_term\">Max loan term (months)<\/label>\n <div class=\"input-group mb-3\">\n <input id=\"max_loan_term\" type=\"number\" class=\"form-control\" aria-label=\"Max loan term (months)\" value=\"12\">\n <\/div>\n <\/div>\n\n <p class=\"title mt-5\">Initial loan (day 1)<\/p>\n\n <div class=\"form-group\">\n <label for=\"loan_required_amount\">Initial loan percentage of land value<\/label>\n <div class=\"input-group mb-3\">\n <input id=\"loan_required_amount\" type=\"number\" class=\"form-control\" aria-label=\"Initial loan percentage of land value\" value=\"65\">\n <div class=\"input-group-append\">\n <span class=\"input-group-text\">%<\/span>\n <\/div>\n <\/div>\n <\/div>\n\n <p class=\"title mt-5\">Construction loan<\/p>\n\n <div class=\"form-group\">\n <label for=\"construction_cost_percentage\">Percentage of construction costs<\/label>\n <div class=\"input-group mb-3\">\n <input id=\"construction_cost_percentage\" type=\"number\" class=\"form-control\" aria-label=\"Percentage of construction costs\" value=\"100\">\n <div class=\"input-group-append\">\n <span class=\"input-group-text\">%<\/span>\n <\/div>\n <\/div>\n <\/div>\n\n <p class=\"title mt-5\">Interest<\/p>\n\n <div class=\"form-group\">\n <label for=\"annual_interest_rate\">Interest rate per annum<\/label>\n <div class=\"input-group mb-3\">\n <input id=\"annual_interest_rate\" type=\"number\" class=\"form-control\" aria-label=\"Interest rate per annum\" value=\"7.98\">\n <div class=\"input-group-append\">\n <span class=\"input-group-text\">%<\/span>\n <\/div>\n <\/div>\n <\/div>\n\n <p class=\"note-calculator\">This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.<\/p>\n\n <\/div>\n\n <\/div>\n <div class=\"right_column\">\n <p class=\"title\">Facility overview<\/p>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Loan term<\/p>\n <p class=\"number-result\"><span id=\"loan_term_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Total facility amount<\/p>\n <p class=\"number-result\"><span id=\"total_facility_amount_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Annual interest rate<\/p>\n <p class=\"number-result\"><span id=\"annual_interest_rate_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Initial loan (day 1) interest allowance<\/p>\n <p class=\"number-result\"><span id=\"initial_loan_interest_allowance_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Construction costs loan interest allowance<\/p>\n <p class=\"number-result\"><span id=\"construction_cost_loan_interest_allowance_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Available balance<\/p>\n <p class=\"number-result\"><span id=\"available_balance_output\">-<\/span><\/p>\n <\/div>\n\n <p class=\"title mt-5\">Breakdown of loan facility<\/p>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Gross initial loan (day 1)<\/p>\n <p class=\"number-result\"><span id=\"gross_initial_loan_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Gross LTV<\/p>\n <p class=\"number-result\"><span id=\"gross_ltv_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Arrangement fee (2%)<\/p>\n <p class=\"number-result\"><span id=\"arrangement_fee_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Net initial loan (day 1)<\/p>\n <p class=\"number-result\"><span id=\"net_initial_loan_output\">-<\/span><\/p>\n <\/div>\n\n <p class=\"title mt-5\">Construction<\/p>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Loan facility (100% costs)<\/p>\n <p class=\"number-result\"><span id=\"loan_facility_output\">-<\/span><\/p>\n <\/div>\n\n <p class=\"title mt-5\">Project overview<\/p>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Current property value<\/p>\n <p class=\"number-result\"><span id=\"current_property_value_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Total development costs<\/p>\n <p class=\"number-result\"><span id=\"total_development_costs_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Gross development value<\/p>\n <p class=\"number-result\"><span id=\"gross_development_value_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">LTGDV<\/p>\n <p class=\"number-result\"><span id=\"ltgdv_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">LTC<\/p>\n <p class=\"number-result\"><span id=\"ltc_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Exit fee (2%)<\/p>\n <p class=\"number-result\"><span id=\"exit_fee_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Developer's equity contribution<\/p>\n <p class=\"number-result\"><span id=\"developers_equity_contribution_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Profit<\/p>\n <p class=\"number-result\"><span id=\"profit_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">Profit on cost<\/p>\n <p class=\"number-result\"><span id=\"profit_on_cost_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">GDV per unit<\/p>\n <p class=\"number-result\"><span id=\"gdv_per_unit_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number\">\n <p class=\"title-result\">GDV per square foot<\/p>\n <p class=\"number-result\"><span id=\"gdv_per_square_foot_output\">-<\/span><\/p>\n <\/div>\n\n <div class=\"show-number mb-5\">\n <p class=\"title-result\">Construction cost per square foot<\/p>\n <p class=\"number-result\"><span id=\"construction_cost_per_square_foot_output\">-<\/span><\/p>\n <\/div>\n\n <a href=\"https:\/\/southafrica.swoopfunding.ng\/stage\/\" class=\"btn btn-lg btn-dark btn-block\" target=\"_blank\" rel=\"noopener\">Get a quote<\/a>\n\n <\/div>\n <\/div>\n\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-718e82c question elementor-widget elementor-widget-heading\" data-id=\"718e82c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">An example\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a518ea answer elementor-widget elementor-widget-text-editor\" data-id=\"7a518ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Unlike regular home or business mortgages, development loans are paid out in stages from an agreed loan pool. Lenders will typically limit the funds they are willing to provide to no more than 70% of land purchase costs, and up to 90% of the construction costs.<\/p><p>Here\u2019s an example of new-build development finance:<\/p><ol type=\"1\"><li>A plot of land has been sourced that has planning permission to build ten, three bedroom detached houses. The land can be purchased for R600,000 and the cost to build all ten houses will be R2,000,000. Total deal costs are R2,600,000, (ex. fees and interest).<\/li><\/ol><ul><li>The estimated value of each house after construction (including their freehold), is R350,000 meaning a gross development value (GDV) of (10 x R350,000) R3,500,000.<\/li><\/ul><ul><li>Development finance can be used to raise up to 70% of the land cost = R420,000 and 90% of the build cost = R1,800,000.<\/li><\/ul><ul><li>A loan facility is set up for R2,220,000. (The pool). Funds are released in stages, with an initial release of R420,000 to help buy the land. The developer will provide cash in the sum of R180,000 to complete the land purchase.<\/li><\/ul><ul><li>The remaining R1,800,000 will be released in stages as the new-build progresses. The borrower will use their cash first, with the lender then following with further drawdowns.<\/li><\/ul><ul><li>The borrowed sum of R2,220,000 plus interest is repaid when the houses are sold on completion. As this deal is not a <a href=\"https:\/\/swoopfunding.com\/ng\/business-glossary\/joint-venture\/\">joint venture<\/a>, the developer retains all the profits.<\/li><\/ul><p>With most development loans, interest is only charged on funds that have been drawn from the loan pool.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f4f572 question elementor-widget elementor-widget-heading\" data-id=\"9f4f572\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">100% development finance<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26ed7d8 answer elementor-widget elementor-widget-text-editor\" data-id=\"26ed7d8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Most South African property development finance options cap out at a maximum of 60-80% of the total deal value. However, 100% development finance may be achieved if: 1). The borrower enters a joint venture with a financier who is willing to provide lending to the total deal value in exchange for interest and a share of the profits. 2). The borrower offers additional <a href=\"https:\/\/swoopfunding.com\/ng\/business-glossary\/collateral\/\">collateral<\/a> as make-weight security in lieu of a cash contribution.<\/p><p>To find out if 100% financing is an option for you, please contact us today.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-99314c4 question elementor-widget elementor-widget-heading\" data-id=\"99314c4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Does planning permission need to be in place?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e41168b answer elementor-widget elementor-widget-text-editor\" data-id=\"e41168b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Yes. Most lenders would expect to see full planning permission in place before issuing a formal offer of finance and instructing solicitors to commence legal due diligence. However, some niche lenders may proceed to legal due diligence if outline planning permission has been obtained, but they will only draw down the loan facility once full planning consent has been achieved.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68025c2 question elementor-widget elementor-widget-heading\" data-id=\"68025c2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Can I get funding as a first-time developer?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3061a5 answer elementor-widget elementor-widget-text-editor\" data-id=\"a3061a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Yes. Although a lack of previous developer experience may make it more difficult for first-timers to borrow the funds they need, financing may be possible from niche funders, or from mainstream lenders if the first-timer teams with an experienced developer to co-manage the project.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04a1399 question elementor-widget elementor-widget-heading\" data-id=\"04a1399\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Can I get funding with bad credit?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0163214 answer elementor-widget elementor-widget-text-editor\" data-id=\"0163214\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Probably. There are development loans available for borrowers with bad credit, or even no credit. Even if you\u2019ve been turned down elsewhere, we may still be able to secure the funding you need. Contact us now for a confidential discussion about your project and how we can help.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5fff9e question elementor-widget elementor-widget-heading\" data-id=\"f5fff9e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bridging finance for property development\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-988118d answer elementor-widget elementor-widget-text-editor\" data-id=\"988118d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><a href=\"https:\/\/swoopfunding.com\/ng\/commercial-mortgages\/bridging-finance\/\">Bridging finance<\/a> is a short-term loan used in real estate development to cover the timing difference (or gap) between one property related transaction and another.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fb99452 question elementor-widget elementor-widget-heading\" data-id=\"fb99452\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Commercial vs. residential development finance<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-160dfb7 answer elementor-widget elementor-widget-text-editor\" data-id=\"160dfb7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Development loans may be classified as \u2018commercial\u2019 or \u2018residential\u2019. How do they compare?<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3c3bda answer elementor-widget elementor-widget-text-editor\" data-id=\"b3c3bda\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"table table-bordered\"><tbody><tr><td><strong>Loan feature<\/strong><\/td><td><strong>Commercial loan<\/strong><\/td><td><strong>Residential loan<\/strong><\/td><\/tr><tr><td>Purpose of loan \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/td><td>Development of property for business or large-scale residential use. (May be mixed \u2013 use with business units mixed in with dwellings)<\/td><td>Development of property for residential use. Usually a single residence or a small number of units<\/td><\/tr><tr><td>Maximum loan value \u00a0 \u00a0<\/td><td>Up to 70% of land and 70% of build costs<\/td><td>Up to 70% of land and 90% of build costs<\/td><\/tr><tr><td>Term of loan \u00a0 \u00a0 \u00a0<\/td><td>Until development is complete, typically 6 to 24 months<\/td><td>Until development is complete, typically 6 to 24 months<\/td><\/tr><tr><td>Interest rate \u00a0<\/td><td>4% to 15% APR<\/td><td>4% to 15% APR<\/td><\/tr><tr><td>Regulated or unregulated \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/td><td>Unregulated<\/td><td>May be regulated<\/td><\/tr><tr><td>Exit strategy \u00a0 \u00a0<\/td><td>Sale of property upon completion repays debt, or the property is retained and leased out, which will require the borrower to refinance with a long-term mortgage<\/td><td>Sale of property upon completion repays debt, or the property is retained and leased out, which will require the borrower to refinance with a long-term mortgage<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68afea0 answer elementor-widget elementor-widget-text-editor\" data-id=\"68afea0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Exit strategy is an important element of any property development financing. Because most commercial developers intend to sell the completed property to repay the loan, lenders will typically expect to receive a strong sales and marketing plan as part of the application process. In contrast, residential development projects seek to build a home for the developer, or a small number of units for sale. This difference reduces the marketing need and can make it easier to obtain a residential development loan than a loan for purely commercial purposes.<\/p><p>For commercial property developments, if the property is being constructed for self-occupation lenders would expect the exit of the development loan to be in the form of a refinance on to a commercial mortgage.\u00a0Our team of commercial finance managers\u00a0will be able to arrange this for you. If the commercial development is to be occupied by a 3<sup>rd<\/sup>\u00a0party tenant, then the lender would expect to see a pre-let agreement during the underwriting process to provide confidence that a long marketing period will not be required to attract a new tenant to the completed building.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd5c8b2 question elementor-widget elementor-widget-heading\" data-id=\"dd5c8b2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Joint venture development finance\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba5bcec answer elementor-widget elementor-widget-text-editor\" data-id=\"ba5bcec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Joint venture (JV) property development finance describes a partnership between a developer and a financier who is willing to fund up to 100% of the total deal value in exchange for a share of profits when the property is sold, plus interest on funds loaned. Most JV deals work using a special legal tool called a special purpose vehicle \u2013 or SPV. (Sometimes call a special purpose entity or SPE). This is a temporary <a href=\"https:\/\/swoopfunding.com\/ng\/business-glossary\/holding-company\/\">holding company<\/a> that acts as legal entity and funds-holder during the life of the project. Borrowed funds are repaid when the property is sold, with surplus funds (the profits) being shared between developer and financier. Typically, the profit share in a joint venture is 60% to developer and 40% to financier but can be negotiated.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60f7c6a question elementor-widget elementor-widget-heading\" data-id=\"60f7c6a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Development exit finance explained<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1cd25aa answer elementor-widget elementor-widget-text-editor\" data-id=\"1cd25aa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>A form of bridging loan, development exit finance is granted to a developer after the project is complete, but not yet sold or refinanced with a long-term mortgage. Lenders expect development loans to be repaid in full when a project is completed, yet it may take time for the developer to sell the property or to obtain a mortgage. To bridge this gap, lenders may provide development exit finance which repays the more costly development loan and remains in place until income from unit sales or a long-term mortgage are available to repay the exit loan in full. Exit loans can sometimes attract a lower interest rate when compared to development finance, so it sometimes makes sense to refinance immediately on completion on to a more cost-effective solution.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b80a36d question elementor-widget elementor-widget-heading\" data-id=\"b80a36d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Who offers property development finance?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e871de1 answer elementor-widget elementor-widget-text-editor\" data-id=\"e871de1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Development finance can be obtained from a range of lenders \u2013 major banks, investment companies, independent financiers, specialist property lenders, etc. Every funder will have their own lending criteria. Some may want a fully-fleshed out plan and a mountain of documents, others may simply want a valuation and look at your credit score. Finding the best loan for your development is a crucial as finding the best builders and carpenters, so it pays to shop around when looking for a loan.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e09cb4 question elementor-widget elementor-widget-heading\" data-id=\"9e09cb4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How do I repay the loan?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e57baca answer elementor-widget elementor-widget-text-editor\" data-id=\"e57baca\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Standard options to repay a development loan are:<\/p><ul><li><strong>Use the sale proceeds<\/strong>\u00a0from the finished development to repay in full.<\/li><li><strong>Refinance the loan with a new, long-term loan. This option is suitable for\u00a0<\/strong>borrowers who wish to keep the completed development for themselves or to rent out.<\/li><li><strong>Refinance the loan using a<\/strong>\u00a0development exit bridging loan. (Exit loans are usually granted at a lower interest rate). This tactic retains as much profit as possible, as it avoids having to wait for the sale of the property to repay the development loan in full.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a760064 question elementor-widget elementor-widget-heading\" data-id=\"a760064\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Tips for applying<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e9f317 answer elementor-widget elementor-widget-text-editor\" data-id=\"0e9f317\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Even seasoned property developers can get caught in loss-making projects, so the first-timer or minimally experienced developer should consider any project with great care before applying for funding.<\/p><p>The first thing to consider is the development itself:<\/p><ul><li>Has the property been on the market for a long time, or is it being remarketed? If so, why? What are the problems with the property or the seller?<\/li><li>What can I afford to pay for the property or land? Keep to a budget.<\/li><li>What will the building work cost? Does it fit within the budget? Have you researched any hidden issues that could significantly raise costs?<\/li><li>How reliable are my architects and contractors? Always get references and seek help from well established, trustworthy suppliers.<\/li><li>Have I built in a contingency to manage emergencies or cost over-runs?<\/li><li>What is the projected value of the finished project? How does it compare to similar sites in the area?<\/li><li>Is there enough demand for this type of development?<\/li><li>Who is my target buyer, and will they come to the development?<\/li><li>Is there local competition from similar developments? Am I competing in a flooded market?<\/li><li>What is my projected profit and when will the project complete?<\/li><\/ul><p>If you can positively answer all the above, you are ready to approach lenders for funding. But first:<\/p><ul><li>How strong is my credit? Check your score and report before applying. Contact credit reporting agencies to correct any errors.<\/li><li>Have I provided all the requested paperwork? Missing documents could delay your funding and cause you to lose the land\/property you intend to develop.<\/li><li>Do I have sufficient funds to pay a cash deposit, or do I have collateral (such as real estate) that I can offer as make-weight security?<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e6610e question elementor-widget elementor-widget-heading\" data-id=\"2e6610e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How do I apply?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-597651b answer elementor-widget elementor-widget-text-editor\" data-id=\"597651b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Loan and application documentation can vary significantly. Getting the right loan with the right paperwork at the right price and at the right time is critical to a developer\u2019s success. Contact Swoop to arrange a confidential discussion about your financing needs. Begin with the best deal to give your project the best start possible. <a href=\"https:\/\/southafrica.swoopfunding.ng\/stage\" target=\"_blank\" rel=\"noopener\">Get started today<\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60c74ba elementor-widget elementor-widget-spacer\" data-id=\"60c74ba\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2e075f elementor-widget elementor-widget-ucaddon_author_page\" data-id=\"f2e075f\" data-element_type=\"widget\" data-widget_type=\"ucaddon_author_page.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n\t\t\t\n <div class=\"info-user-post\">\n \n <div class=\"left-info\">\n <a href=\"https:\/\/swoopfunding.com\/ng\/author\/chris-godfrey\/\"><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2021\/03\/chris-godfrey-author.png\" data-lazy-src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2021\/03\/chris-godfrey-author.png?is-pending-load=1\" alt=\"\" class=\"jetpack-lazy-image\" loading=\"lazy\" width=\"92\" height=\"92\"><\/a>\n <\/div>\n \n <div class=\"right-info\">\n <p>Written by<\/p>\n <p class=\"name-author\"><a href=\"https:\/\/swoopfunding.com\/ng\/author\/chris-godfrey\/\">Chris Godfrey<\/a><\/h3>\n <p>Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.<\/p>\n\n <ul class=\"social-links\">\n \n <li><a href=\"https:\/\/www.linkedin.com\/in\/christopher-godfrey-332198139\/\" target=\"_blank\" rel=\"noreferrer noopener\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/ng\/wp-content\/themes\/swoopMW50\/assets\/icons\/icon-linkedin-min.svg\" width=\"30\" height=\"30\" alt=\"Linkedin\">\n <\/a><\/li>\n \n <li><a href=\"https:\/\/www.freelancewords.co.uk\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/ng\/wp-content\/themes\/swoopMW50\/assets\/icons\/icon-site-min.svg\" width=\"30\" height=\"30\" alt=\"Website\">\n <\/a><\/li>\n <\/ul>\n\n <div class=\"swoop-promise\">\n <p><strong>Swoop promise<\/strong><\/p>\n <p>At Swoop we want to make it easy for SMEs to understand the sometimes overwhelming world of business finance and insurance. Our goal is simple \u2013 to distill complex topics, unravel jargon, offer transparent and impartial information, and empower businesses to make smart financial decisions with confidence.<\/p>\n <p>Find out more about Swoop\u2019s editorial principles by reading our <a href=\"https:\/\/swoopfunding.com\/ng\/about-swoop\/editorial-policy\/\">editorial policy<\/a>.<\/p>\n <\/div>\n\n <\/div>\n <\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-a3e430d e-flex e-con-boxed e-con e-parent\" data-id=\"a3e430d\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7d4b10a open banner-product elementor-hidden-mobile e-con-full e-flex e-con e-child\" data-id=\"7d4b10a\" data-element_type=\"container\" id=\"sticky-banner\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-05edf5b elementor-widget elementor-widget-image\" data-id=\"05edf5b\" data-element_type=\"widget\" id=\"close-sticky\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2022\/08\/close.svg\" title=\"close\" alt=\"close\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a6157c elementor-widget elementor-widget-heading\" data-id=\"9a6157c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Get your free development finance quote today<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5550579 sticky-info e-con-full e-flex e-con e-child\" data-id=\"5550579\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-a159aed e-con-full e-flex e-con e-child\" data-id=\"a159aed\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-97721cc elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"97721cc\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/02\/icon1.svg\" title=\"icon1\" alt=\"icon1\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b80769 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"7b80769\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Apply in minutes<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d8889c6 sticky-info e-con-full e-flex e-con e-child\" data-id=\"d8889c6\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-0f2f275 e-con-full e-flex e-con e-child\" data-id=\"0f2f275\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e4cb106 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"e4cb106\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" width=\"45\" height=\"42\" src=\"https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2024\/03\/icon-ng-1.svg\" class=\"attachment-full size-full wp-image-39695\" alt=\"Currency NG\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6802810 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"6802810\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">FREE no obligation, personalised<br>quote<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b66fb7 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"4b66fb7\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/southafrica.swoopfunding.ng\/get-started?fundingReason=propertyFinance\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Get a quote<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8c8b954 elementor-hidden-mobile e-con-full e-flex e-con e-child\" data-id=\"8c8b954\" data-element_type=\"container\" id=\"sticky-banner-mini\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5d9b9f3 elementor-widget elementor-widget-image\" data-id=\"5d9b9f3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" width=\"28\" height=\"28\" src=\"https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2022\/08\/plus.svg\" class=\"attachment-full size-full wp-image-20027\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e2af49 elementor-widget elementor-widget-heading\" data-id=\"9e2af49\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">G<br>E<br>T<br><br>Q<br>U<br>O<br>T<br>E<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2ffd941 e-flex e-con-boxed e-con e-parent\" data-id=\"2ffd941\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7e9428a e-con-full e-flex e-con e-child\" data-id=\"7e9428a\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2e32d8f elementor-widget__width-auto elementor-hidden-mobile elementor-widget elementor-widget-image\" data-id=\"2e32d8f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" width=\"60\" height=\"33\" src=\"https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2022\/08\/icon-swoop.svg\" class=\"attachment-full size-full wp-image-19975\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-454c5a2 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"454c5a2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Create your free Swoop account to easily apply for development finance\n<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7703be5 elementor-widget__width-auto bt-form-45 elementor-mobile-align-center elementor-widget-mobile__width-inherit elementor-widget elementor-widget-button\" data-id=\"7703be5\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/southafrica.swoopfunding.ng\/get-started?fundingReason=propertyFinance\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Join Swoop<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c0c2a8d e-flex e-con-boxed e-con e-parent\" data-id=\"c0c2a8d\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-41551d2 elementor-widget elementor-widget-spacer\" data-id=\"41551d2\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6428edc elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"6428edc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">We have a wide range of business loan options<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8389f75 e-con-full e-flex e-con e-child\" data-id=\"8389f75\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-38b35d9 e-con-full e-flex e-con e-child\" data-id=\"38b35d9\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e0e2ca5 elementor-widget__width-initial elementor-widget elementor-widget-button\" data-id=\"e0e2ca5\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/swoopfunding.com\/uk\/business-loans\/mezzanine-finance\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Mezzanine finance<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-be3ea15 elementor-widget__width-initial elementor-widget elementor-widget-button\" data-id=\"be3ea15\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/swoopfunding.com\/uk\/commercial-mortgages\/bridging-finance\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\"> Bridging finance<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8264567 elementor-widget__width-initial elementor-widget elementor-widget-button\" data-id=\"8264567\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/swoopfunding.com\/uk\/commercial-mortgages\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Commercial mortgages<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8b61ded e-flex e-con-boxed e-con e-parent\" data-id=\"8b61ded\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-5d08857 e-con-full e-flex e-con e-child\" data-id=\"5d08857\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-1d498d9 e-con-full e-flex e-con e-child\" data-id=\"1d498d9\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-61455e4 elementor-widget elementor-widget-heading\" data-id=\"61455e4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Ready to grow your business?<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd157f0 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"fd157f0\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/southafrica.swoopfunding.ng\/get-started?fundingReason=propertyFinance\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-41470e4 e-con-full cta-mobile-fixed elementor-hidden-desktop elementor-hidden-laptop elementor-hidden-tablet e-flex e-con e-parent\" data-id=\"41470e4\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;position&quot;:&quot;fixed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1771f46 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"1771f46\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/southafrica.swoopfunding.ng\/get-started?fundingReason=propertyFinance\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">GET A QUOTE<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Development finance explained \u2013 what is it &#038; how does it work? Add a header to begin generating the table of contents Page written by Chris Godfrey. Last reviewed on May 3, 2024. Next review due 2025. Chris Godfrey Expert financial copywriter Chris is a freelance copywriter and content creator. He has been active in [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":8937,"parent":16759,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_acf_changed":false,"footnotes":""},"acf":[],"featured_image_urls":{"full":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-scaled.jpg",2560,1024,false],"thumbnail":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-300x120.jpg",300,120,true],"medium_large":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-768x307.jpg",768,307,true],"large":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-1024x410.jpg",1024,410,true],"1536x1536":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-1536x615.jpg",1536,615,true],"2048x2048":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-2048x820.jpg",2048,820,true],"image_blog":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-408x252.jpg",408,252,true],"image_podcast":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-50x20.jpg",50,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-80x32.jpg",80,32,true]},"post_excerpt_stackable":"<p>Development finance explained \u2013 what is it &#038; how does it work? Add a header to begin generating the table of contents Page written by Chris Godfrey. Last reviewed on May 3, 2024. Next review due 2025. Chris Godfrey Expert financial copywriter Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in&hellip;<\/p>\n","category_list":"","author_info":{"name":"Chris Godfrey","url":"https:\/\/swoopfunding.com\/ng\/author\/chris-godfrey\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-scaled.jpg",2560,1024,false],"thumbnail":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-300x120.jpg",300,120,true],"medium_large":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-768x307.jpg",768,307,true],"large":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-1024x410.jpg",1024,410,true],"1536x1536":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-1536x615.jpg",1536,615,true],"2048x2048":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-2048x820.jpg",2048,820,true],"image_blog":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-408x252.jpg",408,252,true],"image_podcast":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-50x20.jpg",50,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/ng\/wp-content\/uploads\/sites\/9\/2021\/01\/commercial-mortgage-2-80x32.jpg",80,32,true]},"post_excerpt_stackable_v2":"<p>Development finance explained \u2013 what is it &#038; how does it work? Add a header to begin generating the table of contents Page written by Chris Godfrey. Last reviewed on May 3, 2024. Next review due 2025. Chris Godfrey Expert financial copywriter Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Chris Godfrey","url":"https:\/\/swoopfunding.com\/ng\/author\/chris-godfrey\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/pages\/36297"}],"collection":[{"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/comments?post=36297"}],"version-history":[{"count":7,"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/pages\/36297\/revisions"}],"predecessor-version":[{"id":41107,"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/pages\/36297\/revisions\/41107"}],"up":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/pages\/16759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/media\/8937"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ng\/wp-json\/wp\/v2\/media?parent=36297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}