Top Ten Tips for Raising Finance for Experienced Developers: Tip 4

Top Ten Tips for Raising Finance for Experienced Developers: Tip 4




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Finding the right products and services for experienced property developers can prove more complicated that it first appears. With a wealth of specialised finance available, it is always important to know what will suit your client, and which clients will suit you.

 

 

Guiding us through the intricacies of catering for more prolific developers, Michael Magee, Owner of commercial and development lender Development Finance Bank, uncovers his top 10 tips…

 

Tip 4: Arrange a meeting

Having submitted a development proposal to a lender, the next stage will be to arrange a meeting between the borrower and the lender. This may be at the site’s location or in the lender’s offices. Ideally the lender will want to visit a few of the developer’s previous projects to get a feel for what they have completed in the area. 

Compile all the relevant paperwork that you can – such as plans, drawings, photos of previous sites, comparable evidence accounts, buildings costs and cash-flows - and bring them to the meeting. It is both helpful to have as much info as possible to hand and creates a good first impression. 

This meeting provides an opportunity for the lender and client to get to know each other and decide if they can work together. We like to meet with a client for a couple of hours to fully understand their business and experience, so keep this in mind when booking appointments.

 

 

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