Top Ten Tips for Raising Finance for Experience Developers: Tip 5

Top Ten Tips for Raising Finance for Experience Developers: Tip 5




.

 

 

 

 

 

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 5: Writing the credit paper

 

 

 

After the initial meeting, if the lender is satisfied with the information provided and the client wants to proceed, a credit paper will be written up and submitted to the lender’s credit committee who will decide if they can provide the funding requested. In a successful application, the broker can request to receive a written offer and set of terms: use this as an opportunity to go through these carefully with the developer and, should they feel they need further comfort, they may want to consult their solicitor. This may even be a requirement of the offer if additional security involves the matrimonial home.

 

 

 

It’s at this stage the developer starts to have to have costs towards the set-up of the facility and your role as a broker goes from finding the finance to helping gather all the relevant paperwork required by the lender to satisfy the conditions of the offer. I believe this is where brokers can offer more value and support the developer in gathering this information as quickly as possible.

 

 

Leave a comment