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Development mortgages are a specialised subcategory of commercial investment mortgages. Development mortgages are given to businesses who have purchased land and are planning to build commercial property on that land or have purchased a dilapidated building in order to refurbish it for other purposes. Lenders will usually provide short-term loans (less than 3 years) to help finance the project. Since these projects tend to be high risk, lenders will provide a conservative amount of financing. You can expect to borrow up to 70% of the value of the land and 70% of the cost of the project.
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