Applications for funding for property projects are currently at a record high.
One of our fund managers said recently “Your applications are always of a good quality; but the bar is going ever higher in terms of the standard we require”.
In a nutshell, the fund managers cherry pick.
In order to ensure success, all applications must be set out in such a way that the team of the lending source can access key information set out in a systematic way. We will advise and set out the parameters for the format; applicants requiring further help may ask for a quotation.
From time to time we are asked questions regarding planning permission parameters, which for quality applicants we are able to do. As a rule of thumb planning permission needs to be in place for the application to proceed.
After initial discussion, and our team agreeing that the application has merit, we issue our standard client onboarding pack which deals with all regulatory requirements including data protection, anti-money laundering declarations and our fee agreement.
Only once the executive summary and business plan are complete do we send the redacted version to selected lenders; only once a party has expressed interest do we present the full case and assist forward the case to the point of receiving the offer letter. The offer letter is acceptable to some parties as proof of funds; however, as the UK has a thoroughgoing legal process, drawdown can take several months.
