We keep things as simple as possible. This includes our entire loans process, from start to finish. The process takes place over six stages, which can be seen below.
You can start by getting in touch with our experienced advisors through LiveChat, sending us an email or giving us a call on 0208 952 1414. An initial call with our consultants allows you to tell us more about your property development and your plans for it.
By getting an understanding of what you would like to do, we should be able to offer you a ‘decision in principle’ within minutes. This means that based on your plans, we can say if you meet our criteria and whether we are able to lend to you. We will then need to confirm some further details in order to proceed.
We will send you an application form which can be completed online or on paper. Whilst mainstream banks will usually require you to fill in lots of forms and provide lots of documentation, our application form will only take you minutes to complete and consists of just two A4 pieces of paper. Here, you are asked to complete some basic information about your personal background, assets, liabilities and loan requirements.
In addition to the application form, we will also send you an information pack with a costings sheet to highlight our different rates and fees. This allows our company to be as transparent as possible so that you have an understanding of the costs involved.
As part of commitment to offering a personal service, we include a meeting with our consultants and Head of Lending so that we confirm all the details of your project. We want to fully understand the purpose of your loan and how you plan to use the funds accordingly. We can then offer our expertise to maximise the investment and get the most out of your development.
We propose an official offer letter stating the terms of the loan agreement including the loan amount, the rates and loan duration. We liaise with your solicitor to confirm all the terms of the loan agreement and the properties involved. There is also an administration fee which is invoiced at this point to confirm your commitment to us moving forward.
A qualified surveyor meets up with you on site to confirm the final details, including the specification of the building and its value. The surveyor is key at this point to liaise between the borrower and the lender, overseeing all the drawdowns that take place and ensuring that the financing of the project goes smoothly.
Once the legal process between your solicitors and ourselves has been fully completed, we can successfully transfer the development finance to your account. The monies are typically drawn down in stages which is common for property development. This maintains a healthy cash flow for all the different stages of your project and the interest only starts to be charged when each drawdown has taken place.