BuildStore has the knowledge and expertise to shape your project into a profitable development and one attractive to lenders. We can help you minimise risk and increase the profitability of your development project.
As a new developer, a low loan to value (LTV) is paramount. This will need to be achieved either by owning land outright or by showing that you have sufficient funds to support your needed contribution.
With little or no experience, you will need the support of appropriate professionals. This can be achieved through a project manager for example, a qualified architect or quantity surveyor. You will also be looking at a fixed price contract. This is where you pay your builder a fixed amount for your build/project which will not vary even where unexpected costs suddenly arise. This gives you peace of mind and makes the project much more attractive to any lender.
To properly assess your project we will need to understand it. We will want to know more about you with specific focus on your building background or any strength that support you as a developer. This may be less about you and more about the professionals you intend to use.
We will also want to know full details of the build:
- Purchase price or current value of property if owned
- A breakdown of your build/conversion/renovation costs
- Expected end value
- Level of contingency
- Time scale for the project
- Copy of planning permission, or link to your application on council's website
- Building regulations
- Details of any Section 106s or any planning restriction if applicable
This is not a definitive list but the more information you can provide the better we can assess your project and find the best financial solution for you.
All projects vary in some way and as such the time from application to funds released will be specific to you. It can be as quick as 4 weeks to arrange finance to several months. The key is to gather as much information as possible and contact one of our advisers.