The situation
Planning was in place for twenty four units on a brownfield site with a fixed price build contract.
Quotes ranged widely because appraisals, contingency and exit assumptions were not presented consistently.
United Kingdom ยท Property development
A developer with a good track record was quoted inconsistent terms by lenders who each assessed the scheme differently.
Planning was in place for twenty four units on a brownfield site with a fixed price build contract.
Quotes ranged widely because appraisals, contingency and exit assumptions were not presented consistently.
We rebuilt the appraisal to a standard lenders recognise, with sensitivity on sales values and build cost, and evidenced the contractor and previous schemes.
Four development lenders received identical information at the same time, which made the quotes genuinely comparable.
A GBP 7.2m senior facility completed at seventy percent of gross development value with staged drawdowns against a monitoring surveyor.
Arrangement and exit fees were negotiated down once two credible offers were on the table.
Details are anonymised. Figures are rounded and identifying information is removed or altered to protect client confidentiality. Past transactions are not a guarantee of future outcomes.
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