Eligibility for development finance varies among lenders, but some general criteria include:
– Experience: Lenders often prefer developers with a proven track record of successful projects.
– Financial Stability: A strong financial position and positive credit history enhance eligibility.
– Project Viability: A well-researched and feasible development plan increases the likelihood of approval.
– Collateral: The property being developed is commonly used as collateral.
– Business Plan: A detailed and compelling business plan showcasing the project’s viability.