Finding the right products and services for experienced property developers can prove more complicated that it first appears. With a wealth of specialised finance available, it is always important to know what will suit your client, and which clients will suit you.
Guiding us through the intricacies of catering for more prolific developers, Michael Magee, Owner of commercial and development lender Development Finance Bank, uncovers his top 10 tips…
Tip 10: Completion
Completion dates are usually established by the buyer and seller, giving all parties a deadline date to aim for. However, in some situations completion is determined by the needs of the client and, therefore, the date can be more flexible. Lenders and their professionals understand this and are able to preform to very tight deadlines, though it is usually the client's solicitor who dictates the speed of completion; it's worth making sure that your client is represented by a specialist property lawyer.
The lender's solicitors will submit their report on title with instructions for the transfer of monies on completion. Make sure at this point that your client's solicitor has allowed for all disbursements; it is not uncommon for completions to be held up because the client did not have sufficient funds to meet all the costs. This can cause major issues, especially when there is a long chain.
Remember, though every transaction is different and you will always be learning, development finance doesn't have to be just for the specialist commercial brokers.
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