I hate to be the bearer of bad news but the property markets probably have some way to go before they hit rock bottom. The popular sell/rent phenomenon seems to be creating more repossession investments too. If there is anything to be excited about it is that when the market does bottom out there will be some top deals available. If you’re thinking of venturing into property development now would be a good time to start planning your big move.
New developers will need to think about wangling a bridging loan for the all-important “make or break” project. There are still some lenders prepared to lend you money for your property development venture. You might have to work harder to persuade them to lend you money but nobody said it was going to be easy!
Property development finance is often easier to secure than a regular mortgage because the lenders have evidence that you’re approaching it as a business and if you’ve done your research properly it will be obvious for them to see that lending money to you is probably safer than lending to an individual who doesn’t have the same goals.
Having said that you will find an increasing number of banks who will not give you the time of day even if your business plan realistically shows that you’re going to make a whole stack of profit! Many financial institutions really have got the ab dabs at the moment and with good reason!
If your credit score has the slightest shortcoming on it you may find it more difficult to get finance of any kind let alone a property development finance loan. Gone are the heady days where you could simply walk into your high street broker, declare that you earn 50 thousand a year even if that wasn’t quite true and they would fall over themselves to give you the cash. Now they are quaking in their boots!
These dubious financial times have led to an exceptional number of people going online trying to find work. Many people search for data entry at home jobs in an attempt to bolster their income. If this is you be cautious. There are plenty of scammers waiting to separate you from your hard earned cash! I would focus on property development if I were you.