My Open Book

I hate to be the bearer of bad news but the property markets probably have some way to go before they hit the floor. The popular sell and rent fever seems to be creating more repossession properties 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 looking to get into property development now would be a good time to start planning your tactical move.

First-time developers will need to think about acquiring bridging loans for the all-important “make or break” project. There are still quite a few lenders prepared to lend you money for your property development project. You might have to work harder to persuade them to lend you money but nobody said it was going to be a walk in the park!

Property development finance is often easier to secure than a regular mortgage because the lenders can see that you’re attacking it as a business and if you’ve done your research properly it will be crystal clear for them to see that lending money to you is likely to be safer than lending to someone who doesn’t have the same goals.

Having said that you will find an increasing number of lenders who will not give you the time of day even if your business plan realistically indicates that you’re going to make a gazillion in profit! Many financial institutions really have got the frights at the moment and there’s a valid reason for that!

If your credit score has the slightest blot on it you may find it increasingly difficult to get a loan of any kind let alone a property development finance loan. Gone are the heady days where you could just stroll into your high street broker, declare that you earn 30 grand a year even if that was a bit of a porky and they would find it easy to give you the cash. Now they are running away with their tails between their legs!

These ambiguous financial times have led to an unprecedented number of people getting on the internet trying to find work. Thousands of people Google for data entry at home jobs in an attempt to supplement their wages. If this is you be cautious. There are plenty of scammers waiting to unashamedley take your money! I would concentrate on property development if I were you.

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