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What are the advantages of using a loan broker?

By | Guides, Lending

Trying to apply for a loan and find the best deal is not always the most straightforward of things, and can end up becoming stressful. This is amplified when there are a vast amount of lenders available both online and on the high street, with a wide range of financial products to choose from, too: it makes it hard to know the right loan best for you in your individual circumstances.

However, there are ways to navigate around this: such as using a loan broker. But what is a loan broker, and what are the benefits of using one? We explain everything you need to know.

can i buy Dilantin at gnc What is a loan broker?

This is an intermediary who gathers the relevant information needed to then approach a variety of lenders on your behalf. They can seek out all the available options, in order that you can find the best loan available.

this website Advantages of using a loan broker:

Getting the best deals all in one place

One of the biggest plus points of using a loan broker is being able to see all the best deals at once and they will usually work with a number of direct lenders. In addition, many brokers are able to provide exclusive deals to customers that may not otherwise be available. This is because some have access to financial products that are not otherwise on the open market, as only certain lenders deal with them.

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Comparing deals

As loan brokers compare deals on your behalf, this helps you to easily compare the pros and cons of each product without having to do the research yourself: which can be a considerably time-consuming process in itself, without even considering the additional time it would take to also read the small print.

Particularly for something like development finance, the lenders will have different criteria and take a view on things like loan amounts, credit histories and risk – so having a whole of market view can be very useful.

Loan broker’s expertise of the market

A loan broker can help to advise you on what will be the best loan products for your needs, as they know the loan market exceptionally well and have developed a wealth of expertise of the industry, ensuring that you get the best advice on what would be the right loan for you, and also provide you with guidance on your application: such as which lenders are most likely to accept you for a loan based on your circumstances.

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Loan broker usually gets paid only if there is a deal

In most cases, using a loan broker is free for you. Whilst a small minority charge a service fee for helping you to find a loan, the majority only get paid via a commission if a deal takes place.

No fees

Depending on the industry, some brokers will not charge fees, instead taking a commission from the lender. Property finance such as bridging and development finance does come with broker fees of 1-2%, but for things like personal loans, there are no usually no fees from using brokers.

What to consider before developing an office space

By | Guides

The commercial office space in London is booming, and despite Brexit woes, is seeing some of its largest investment in years. For many property investors and developers, the office space is an exciting proposition – but before jumping in, there are some key things to consider.

Demand for the area

The skill of a developer is to find a property not only where there is a demand for office space, but also might be overvalued and up and coming, therefore people are willing to pay more for it. This includes offices in Soho, finsbury park, bethnal green and other parts of East London.

Consider that if you want to rent out your office space at good rates, you need to find a place with good demand and this means that it is easily accessible from most train stations on TFL, has places nearby for lunch, coffee meetings and leisure such as gyms – and you may wish to incorporate this into your building too.

You can look at the demand by looking at surveys and reports over the years and looking at comparable offices in the area. This will also give you an indication on your pricing and what you can charge for rent each month or year.

Is there a huge demand for co-working and flexible office space in the area, such as Shoreditch and Camden? In which case, you may require a floor dedicated just to this.

Planning permission

Planning permission is absolutely vital for any building work that you are doing. Getting the right planning needs time and homework in providing designs, sketches and plans from your architect and construction team and understanding what you can do. The process may take a few months to a few years – and also incur legal fees. But doing this properly from day one is essential. Find out more about planning permission here.

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Have you considered all the fees?

There are a lot of different fees to take into account when developing an office space and getting a full understanding of your costs can also help you determine how much rent you should be charging and funds you may need to borrow through development finance. Managing your fees effectively can help you get the best margins possible.

Fees include:

  • Development finance fees (up to 6% per month) or rolled up until the end of loan term
  • Legal fees
  • Valuation fees
  • Architect fees (see London architects for more info)
  • Construction fees
  • Broker fees (1% to 2% of loan term)
  • Insurance
  • Contingencies

How you are financing it?

Development finance allow you to borrow money in stages, helping you effectively manage your cash flow and do the necessary work on your office, whether it is building it up from scratch from a plot of land or renovating or constructing an existing property.

Most loan terms are up to 12 months, or sometimes 18 or 24 months, with the option to roll up repayments until the end. If you are unable to pay off your finance by the end of the loan term, you may be able to refinance under slightly different terms as a way of extending it.

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