We’re keen to work with experienced developers who have built homes anywhere in England and Wales. Our focus is on developments of residential houses in our heartland which stretches across nine counties including Leicestershire, Derbyshire, Cambridgeshire, South Yorkshire, Lincolnshire, Staffordshire, Hertfordshire, Norfolk and Nottinghamshire.
Funding your development
At Nottingham Estate Agency and Harrison Murray we believe that securing the finance you need for your development should not add to the stress of house building. That's why our land and new homes service helps property developers to finance the developments. Lets take a look at the four main stages of your development.
Stage 1: the application
Providing as much information as possible upfront will ensure that your application is processed quickly and will reduce the likelihood of delays in coming back to you with an indicative agreement in principle. The list below contains the kind of information that any professional lender will seek as part of your application. It may seem as though there is a lot of detail but it is important that any lender fully understands your circumstances and the details of your project. This will ensure that you receive the best possible funding solution.
- Details of the potential buyer
- Site details
- Purchase price of land, date the land was bought and from whom
- Planning status
- Proposed site layout including property type, the size of the development and costs
- Development appraisal
- Cost analysis
- Cashflow projects
- Gross development value
- Amount and term of funding
- The relevant experience of the people involved including details of their current and previous developments.
The amount of detailed information should be adequate for a lender to carry out an initial review and confirm if they are able to progress the enquiry further. We will go into more details with you as the application progresses.
Stage 2: meetings and formal application
Once you are happy with the indicative terms then you can proceed with the formal proposal. The Nottingham will provide you with a development finance manager who will work with you throughout the process, helping to ensure that the remainder of the application proceeds quickly and effectively. This will, of course, include meeting you to discuss your application.
You will already have provided us with details of your financial statements and we will go through these with you in more detail. We will also expand on your experience and previous developments and learn more from you about how your business is structured to successfully deliver your development. We will go through the development appraisal with you and visit the site with you. We will also look to visit previous successful developments with you.
Stage 3: credit underwriting
How you and your development is assessed for credit-worthiness is one of the key elements of the process. We will complete credit searches on all of the key individuals involved and the borrowing entity. These should be entirely clean.
All of the information gathered to date will be presented to a separate underwriter within The Nottingham who may, in certain circumstances, visit the development site. Once agreement has been reached we will confirm the terms, subject to receipt of satisfactory valuation upon which we are prepared to provide the required funding. This valuation will be at your expense and will include an appraisal by an independent specialist surveyor who will be asked to comment on the proposal including your costings, planning and serviceability.
Provided that this is satisfactory we will issue you a formal facility letter containing all of the agreed terms and conditions upon which the facility is to be provided. We will, at the same time, instruct the Society’s solicitors to commence the legal work required and to liaise with your own solicitors.
Stage 4: on site
Congratulations – if all goes well with your application and all the legal formalities have been completed you will be ready to start on site. This is not the end of the process though and we will continue to work with you as the development progresses.
We will appoint a suitably qualified surveyor who will visit and monitor the site and confirm the stages reached so that funds can be released as required. Your development finance manager will also make periodic visits (at a time to suit you – most likely at the same time as the surveyor) and work with you on any changes to the original plans.
Finally, we will receive the net sales proceeds in line with our agreement as the site is completed and sold, with the support of the our estate agency business.
Let us help you sell your property
House building is never straightforward and we appreciate the many hurdles and challenges that need to be negotiated to bring plans through to a successful conclusion. Our services are designed to support you across the entire development process, including selling your properties. Our advisers have years of experience helping customers sell their properties and they make the whole process as smooth, simple and stress-free as possible.
So if you have a garden, outhouse or spare land that you think may have development potential, contact firstname.lastname@example.org today and one of our property finance team will be in touch.
We can also help you with your finances
There are so many hoops to jump through when it comes to property development. Our sister company, Nottingham Mortgage Services, try to make sure financing your project doesn’t add to the stress of building houses. Their expert advisers will work with you to provide flexible funding solutions for experienced house builders and developers working on residential developments. They keep it simple: you build – they finance. Available throughout our heartland which stretches across nine counties including Leicestershire, Derbyshire, Cambridgeshire, South Yorkshire, Lincolnshire, Staffordshire, Hertfordshire, Norfolk and Nottinghamshire. You will receive:
Email us at email@example.com today and one of our property finance team will be in touch.
- Lending up to 60% GDV (Gross Development Value)
- Flexible terms from £250,000 to £2.5million
- Competitive interest rates and fees
- A dedicated property development finance manager
- Support across the entire development process, from planning approval to selling