The last six months have seen a marked upturn in lenders’ willingness to fund property development deals, from small refurbishment projects to multi-million-pound new-build developments. At Bridgingloans.co.uk, we have been able to take full advantage of this volume increase due to our expertise in the marketplace.
Recently completed deals have highlighted just what issues can arise:
- On a small barn development, it was found at the 11th hour that the client’s insurance did not cover her for the full risks involved, and the lender would not draw the funds. Solution: We introduced our specialist development insurance broker, who quickly assessed the problem and provided the cover required in a timely manner to enable drawdown.
- During the valuation stage of a mill purchase in the North of England, the valuer identified a potential environmental risk and (quite rightly) requested a specialist report. The client looked around and obtained quotes in excess of L2,000. Solution: Through our network of specialists, we quickly identified the most appropriate local environmental specialist who completed the report in less than 10 days and at a fraction of the costs previously quoted.
- We were approached by a local property developer who wanted to reinstate the build of a site mothballed back in 2008. His issue was that his existing bank was on the verge of appointing receivers due to the dormant position on the site. Solution: BridgingLoans.co.uk were able to source a lender who agreed to both the take-out of the bank and provide the development finance and funding required. In addition, we maintained constant contact with the existing bank, which ensured the receivership was put on hold, which allowed the refinancing to take place.
In each case above, the ability to quickly identify and resolve the issues enabled the loan process to continue and lead to the completion of the case.
Through the experience of the team, we can quickly resolve the majority of issues that invariably happen during any development deal and reassure the clients that we can help overcome the problems. For both first-time and experienced developers, this added value makes ukpropertyfinance.co.uk the ideal choice.