Top Ten Tips for Raising Finance for Experienced Developers: Tip 6

Top Ten Tips for Raising Finance for Experienced Developers: Tip 6


Finding the right products and services for experienced property developers can prove more complicated than 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 6: Thinking Legally

Congratulations, the credit committee has approved your credit paper and it is now all about getting the legal work completed!

The lender will start its due diligence on the client - which is the formal verification of everything discussed to date. As for surveyors, monitoring surveyors and solicitors will be appointed. It is now the client's turn to start to pay for fees towards reports, which will back up values and expected build costs.

It is good practice for the broker to make sure that surveyors are booked in as quickly as possible and that, once they have been to the development site, reports are completed within reasonable timescales. As a broker, it is wise to know how this part of the deal is going: talk to the surveyor about expected dates for the report and make a note in your diary to call when due.

Remember: if the client is buying the site, the deal is not done until the money is in the vendors account! Keep pushing the deal along at every stage. It's what the professional brokers do to guarantee a high success rate of closed deals. 


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