The first and foremost thing that sets property development finance in a class of its own is the fact that until the property has actually been designed and constructed, it may have very little equity. The land the property is to be constructed upon will have some residual value, but will not cover the cost of paying back the full loan amount. For this reason, lenders are extremely cautious when considering applications for finance new building, as the risks involved can far outweigh the possible gains. Due to this increased risk, lender will usually attach a higher interest rate to property development finance than they would a mortgage for an existing property. If you are seriously considering seeking property development finance, then you are best advised to avail yourself of the services of a professional commercial finance broker. A good broker will be able to give you advice and information about the entire application process, as well as have access to a far wider range of lenders and products than a private individual would have. Using their knowledge and contacts they will be able to compare your requirements with available products and decide which would be the best fit for you. Almost all applications for property development finance need to be accompanied by an ever increasing level of supporting documentation. You will most definitely need to present a well structured, exceptionally attractive business plan, which will need to demonstrate the viability of the new construction project in terms of return on investment and risk factor. Your commercial finance broker will be able to assist with this task. If you are an existing company looking to extend their holdings by constructing a new building, you will be required to submit a fully independently audited set of company accounts. If you have already found the ideal location for your new building, you will also be required to divulge any information you have regarding the land plot you have chosen. The actual application process for property development finance is logistically demanding, and is once again, best left in the hands of your commercial finance broker, your broker becomes your spokesman and point of contact with the lenders, and will keep you fully informed of events as they transpire. Your broker will also be on hand to help you confront and resolve any problem issues that may crop up during the applications process. Applying and being accepted for property development finance is arguably one of the most stressful and time consuming forms of finance deal to tackle, it is definitely worth investing on the services of a professional to streamline the entire process.