Property Developers Tips – Tip 1
Over the next four weeks I’m doing a series of blogs where I provide tips for property developers as they consider their next project.
As you will see, these tips have been done as a video series and for ease, each week I will also provide the transcript for each of the videos.
Enjoy tip number one!
Hi, Keith Park here at Funding Track.
We work with property developers all the time, helping them arrange finance for their projects. One of the things that we always say is, it’s important as the property developer, to prepare ahead of time for your next project.
And to do this, what I want to do in this series of videos, is share some tips with you to help you as you prepare.
So, tip number one, “make valuation the last piece of the jigsaw”. What do I mean by that?
Well very often, clients and developers come to us looking for funding, and they’ve already had a valuation carried out. The problem is, we then go out to our lenders and they aren’t able to use that valuation, because it’s not on the lender’s panel.
So, my suggestion is this, get your deal agreed with a lender, get an offer letter issued, subject to valuation and then get the valuation done.
The advantage of that, is that you know the valuation you’re having done is acceptable to the lender, it’s on their panel, and of course it means you’re saving time and money.
So, tip number one, as you prepare for your next project, “make valuation the last piece of the jigsaw”.
In the next video, I’ll share with you tip number two, which is that “the profit is very often in the purchase price”.
Speak to you soon.