TERMS OF BUSINESS

Development Money's Head Office is based in South Norwich, Norfolk.  We have  brokers situated in Leicester, Lincoln and Manchester.  We operate remotely however welcome a face to face visit at our offices should you require. 

How our products work, likely rates and fees etc can be indicated by us at the point of our initial discussion however for accurate terms we will need to Go to Full Application to allow us to talk to our lenders and disclose more accurate detail which will include, name of borrower/company, address of property/site, loan requirements and any other information.  We need your authority to do so by filling in 2 forms.

Our application form and terms of business form can be filled in at your leisure. They generally take 15-20 minutes of your time to fill in and sign. Any other information required by us or the lender i.e. ID, Proof of Address, maybe Proof of Income and maybe Bank Statements may take a little longer for to collate.  We will guide you at the point of our initial discussion what other information maybe required once we are aware of your requirements.

The majority of our clients generally transact their information to us by email and post following their initial discussion with Development Money.

We work with our clients on an exclusive basis.  Taking your application to more than 1 broker can damage your reputation with lenders should it be submitted to the same lender.  Development Money would appreciate you disclosing that you are doing so before going to the full application stage.  Should you disclose this, we reserve the right to ask you where the application has been so we do not duplicate any of the proposals. 

Go to Full Application 

Once we have receive our two forms signed and returned alongside our £295 Application Fee we will then be in a position to approach our lenders to obtain you an agreement in principle.  Your signed authority allows us to do so.  Terms are generally agreed by our lenders the same day or next day but most certainly within 48 hours, unless further information is required.

Dependant of your requirements we then will generally email you 1-4 lenders, their terms and fees that they quote us 'Development Money' for you to make a choice.  We are happy to discuss our findings with you over the phone, email or meeting to see if these are suitable or how we can maybe tailor something different for you if circumstances have changed since our initial discussion.

When you have decided on a suitable lender we will then go to the next stage which will be valuation or a lender's interview or both.  Please note that we have over 140 lenders and not all lenders need a valuation and not all lenders interview our clients.  We are happy to discuss this at the point of our initial discussion.

Once the valuation is back and the lender has interviewed (if the lender requires this) we will then be in a position to have an Offer Letter generated by the lender for you to sign with us or with your solicitor to start the legal process unless it has already started.

Fees and Costs

Our fee scale to be inserted here ......

Development Money reserves the right to charge a different arrangement free for complex cases to the one in our table above however this will be discussed BOTH at the point of discussion and followed up in writing to you by email from us.

We receive a lender renumeration for all our cases completed.  This renumeration is not refunded to our clients however it maybe that some of the renumeration is passed to an 'qualified introducer' for recommending Development Money to you.  We are happy to disclose to you what amount we paid our 'introducer' for that recommendation should you require.  Please write to us at accounts@developmentmoney.co.uk.

We do not charge another £295 application fee to existing customers.  We respect your loyalty to return to us and will offer you the same service and broker, should you require. 

 

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