A lender often provides so much more than just finance and, therefore, picking the right partner will be integral to the scheme’s success.

For many, cost remains an important factor when choosing which lender to go with, especially as costs have risen in other areas, such as supplies and labour. Therefore, developers will often try to keep costs down where they can when it comes to the funding facility.

However, as the market stabilises and costs of lending are gradually reducing across the market, developers should also consider other key factors to take into consideration.

The type of scheme developers want to finance is a good place to start. Whether it’s a PBSA, sustainable scheme or perhaps a traditional housing development, choosing the right partner should include looking at the types of products that lenders offer for each scheme to see which suits the development best.

Looking for the right product to suit the scheme will help developers in the long run and is crucial to making the right decision, so developers need to do their research into the different products available to them with various lenders.

The stability of a lender is also of great importance, especially with the economy being somewhat unstable over the recent years.

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Certainty of delivery matters to businesses both in terms of upfront decisions and the ongoing provision of the funds in a timely manner. Therefore, picking a lender that you know has financial stability is vital, as well as an ongoing commitment to the market.

They will also want to know that they have strong experience in the sector, are a trusted provider and will continue to be here in the coming months and years, rather than this being their first foray into development finance.

Working with a lender who can support when things aren’t going to plan should not be underestimated.

Of course, cost will always be a big factor for developers and, in a market like this, who can blame them? However, it’s vital to ensure this isn’t the only factor taken into consideration when financing a development.

Looking at the products, as well as the lender's background and experience, will help developers make the right decision and find out whether there’s a reason why they might be getting a lower-than-average rate, which may be due to lower levels of service, or conditions being introduced at a moment’s notice.

So, whilst rock bottom rates can be a real incentive for developers, as the saying goes, if it sounds too good to be true, it often is.