Urban Planning and Real Estate Development

By John Ratcliffe; Michael Stubbs et al. | Go to book overview

13

Property development finance
It is a truism to state that finance is a critical resource in the process of property development. Nevertheless, when compared to the other resources that combine to produce a development scheme, there often appears to be a disturbing lack of proper understanding about the sources and types of finance for construction and property development, and the arrangements and procedures that accompany them. This is of growing importance, for not only are the margins between revenue and expenditure finer than ever before, but those responsible for providing the bulk of finance to the industry are much more closely concerned, and a great deal better informed, about the management of construction and development projects than they have been in the past. Consequently, they expect and demand development agencies, and those involved in managing their projects for them, to be equally well versed in the evaluation and control of the financial structure and progress of a scheme of development.A variety of ways exist in which finance for property development can be obtained from a wide array of agencies. The choice normally rests upon the status of the developer and the degree of risk attached to the proposed project. It can almost be stated that every deal dictates its own terms, but for convenience, and to facilitate description, several general areas have been identified below in order to consider the more conventional relationships established between borrowing developers and lending financiers.In order to explore the increasingly complex subject of property development finance, the chapter is organized as follows:
• sources of development finance
• types of finance
• criteria of funding
• choice of fund
• the financial agreement
• trends and prospects.

Sources of development finance

Most developers will have access to existing sources of finance. Larger companies will usually have multiple funding arrangements with a variety of financial agencies. Nevertheless, the field is becoming so complex and competitive that effective project management is increasingly concerned with

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