Development deal in real-time: Final Part

Development deal in real-time: Final Part




Over the past six months, we have brought you a series of monthly instalments looking at a real life development case study, which has included pictures of the site.

Over the past six months, we have brought you a series of monthly instalments looking at a real life development case study, which has included pictures of the site. In the last update the borrower was about to start works on the internals. We now hear the final update about the development’s progress…

Works on the site have been completed after construction commenced back in July 2012. The end product has been worth the wait and the borrowers are eagerly awaiting final valuation figures from agents before marketing takes place later this month.

Nick Warren, Head of Regentsmead’s lending division, said: “The borrowers have been a pleasure to deal with throughout and have produced an extremely high quality house as they always set out to do. Attention to detail has been excellent at all times and a price close to £550,000 should hopefully be achieved. We would be delighted to work alongside the clients again and hope that another project can be identified soon so we can assist.”

The project has been completed on budget and largely speaking on time with the exception of intermittent rain and snow which has caused a slight delay on the works programme.

Development details:

  • Total loan: £220,000.
  • Total build costs: £220,000.
  • Advanced: £85,000.
  • Completed Value: £550,000, which is 40 per cent of the end value.

The borrower added: “We would just like to say that we have nothing but praise for the professionalism shown by all the team, from our initial conversations with James Bloom, our continued contact with Nick, who always showed great interest and understanding of the project, to the girls in the office, and of Regentsmead's surveyor. All have been exceptionally friendly, helpful, and delightful to deal with, and although we did not encounter any problems should we have had, we were told by James right at the start not to worry and they would be resolved. This really did put my mind to rest as I am a bit of a worrier. We would not hesitate to recommend Regentsmead and are going to miss working with Nicholas and his team but hopefully not for too long.”

Nick concluded: “We pride ourselves on the highly personal, flexible and professional lending service that we provide and our borrowers always have regular contact with the team to ensure that their requirements are immediately attended to. Service levels are key and we know that developers cannot receive higher service levels anywhere else in the market, which is why we are busier than ever.”

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