The situation
Development lenders underwrite three things: the site (planning, contamination, access), the scheme (viable margin, realistic GDV), and the developer (experience, track record, cash contribution).
How we approach it
We prepare the case for lender review — appraisal, cashflow, experience schedule — and route to the lender best matched to scheme size, location and your track record. First-time developers can access finance with the right team around them.
What that looks like in practice
- Typically 60-70% LTGDV, 90% of construction costs
- Interest rolled — no monthly service during build
- Drawdowns monthly against monitoring surveyor certification
- First-time developer schemes possible with experienced contractor/PM
- Exit either sale of units or refinance onto term/exit bridge
Typical timeline
- Pre-applicationFull appraisal, cashflow, team CVs prepared.
- Weeks 1-6Lender selection, credit approval, valuation.
- Weeks 6-12Legals, drawdown 1 (land + initial works).
- BuildMonthly drawdowns to PC, then exit bridge or sales.
Common questions
How much cash do I need to put in?
Typically 30-40% of costs — land equity plus contingency. Less if you have an equity partner or JV structure.
Do first-time developers get funded?
Yes but with more scrutiny — usually needs an experienced main contractor and project manager, plus more skin in the game.
How is GDV assessed?
By the lender's valuer, using local comparables. Overambitious GDV assumptions are the single biggest reason schemes fail underwriting.
Send the appraisal
We'll stress-test the numbers, tell you which lenders it fits, and where it needs strengthening before submission.