Breakdown of finance for SME Builders

Published date: 15 November 2017

SME construction businesses constantly face difficulties when it comes to raising finance. With the regular occurrence of a shortfall in funds, many businesses are restricted in their ability to increase output and successfully grow. Plus with banks lacking the appetite to lend or constantly changing their credit policies, there has never been a more difficult time to access finance. Whether your business requires funding to build, covert or grow Key Commercial Finance Director, Tony Newham provides insight into how KEY can help you can find the finance you need.

Finance for New Builds

If you’re planning to construct a new build or multi-units, there’s a huge diversity of finance available to help you kick-start your next project. The range of options that you can access and the rate of interest you will have to pay will depend on your experience, but there are lenders prepared to provide finance to applicants with varying levels of experience. Generally, many think that approaching a high street bank for development finance is the best option. However, this is not always the case; factors such as the number of development costs required, time frame and circumstances will determine the best funding solutions. Plus, there are alternative approaches developers can take to fund projects, such as bridging loans or development finance.

Finance for Renovations

Whether your project involves making small changes to a home, building an extension or even changing the use of a property, you may need some sort of finance, particularly if you don’t have your own personal capital. At KEY, we usually recommend that developers provide as much funding as they can to reduce debts and holding costs. However, refurbishment loans do provide adequate finance in a timely fashion, especially when the mainstream lender can’t. Plus there are specialist types of finance available, with lower interest rates and lower levels of monitoring. Just bear in mind that this can be quite a complex process and it’s probably best to leave it to the broker!

Finance for Land

Securing finance for land can be quite tricky particularly without having planning permission in place, however, there are some specialist lenders who have an appetite for land. If you’re looking to purchase and develop land for commercial reasons, KEY would recommend a lender who will not only fund the land but also the development costs – saving you time and money!

Finance for Business Growth

Most businesses need an influx of capital at some point in order to grow; it’s a fact. Perhaps your funds are tied up in a current project or there’s a “not-to-be-missed” opportunity presenting itself at the wrong time. If this is a case, small business loans would be ideal and with specialists on the market aside from high- street lenders, acquiring finance can be quicker and easier to secure. The great thing about working with KEY is we have a range of avenues and lenders to explore, after all, we want to say ‘yes’ to help your business grow.

Get your project off the ground with KEY Commercial Finance

KEY are commercial and development finance specialists with a reputation built on funding packages for your business. The team who are all ex Commercial Bank Managers access the best deals available at the most competitive rates, saving you both time and money. With an aim to gain a thorough understanding of your company, KEY  present your needs to lenders to maximize the appeal of your business to them and find flexible, tailored ways to structure your commercial finance loan.

For more information visit www.keycommercialfinance.co.uk 

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