Property Developers Tips – Tip 3

Welcome back to the third tip in a video series I’m doing where I’m offering tips to property developers.

As I mentioned in my last blog, I’ve helped over 7,000 property developers arrange the funding they needed to carry out their projects.

Over the years, as I’ve worked on so many different projects, I’ve picked up some useful tips that I think you will find helpful as you think about your next development project.

So, enjoy tip number three!

 

Hi, Keith Park at Funding Track here again, and we’re in the third video in my series, sharing tips that will help you as a property developer as you think about your next project.

So, tip number three, a good commercial solicitor “is worth their weight in gold”.

What do I mean by that?

Well very often as a broker, I find that the delays that occur in a property development transaction are often caused by the client’s solicitor. Unfortunately, many solicitors are just simply not up to the task when it comes to a more complex commercial transaction.

Very often, the client is using their own family solicitor who perhaps they’ve used when they bought their last house or when they made their wills, with the result they may only have used them a couple of times over the last 10 years.

However, a good commercial solicitor makes all the difference when it comes to a more complex property development transaction.

So, my suggestion is get some recommendations.

We at Funding Track work with some top solicitors, so if you’d like a recommendation from us, we’d be more than happy to give you some recommendations for a really good solicitor.

Go meet them, sit down, discuss exactly what your requirements are, ask to speak to some of their clients to find out a little bit more about how other clients have worked with the solicitor that you’re talking to.

But remember that a good solicitor can make all the difference to a transaction and can often make the difference between the deal proceeding and not proceeding.

So, remember tip number three, a good commercial solicitor “is worth their weight in gold”.

Hope you found that useful.

In the fourth and final video in the series, I’ll be sharing with you the fact that 100% funding is available without you having to put any cash into your next project.

So, I’ll speak to you in the next video.