Our experience tells us that the most frustrating element of property investment and development is the amount of time and money that is spent when buying, selling and refinancing property.
From sourcing the property, to completion of the purchase, this can often take 6-12 months depending on the nature of the transaction. We believe this is unacceptable.
What can Bespoke do to help ?
We will help source the property.
We will negotiate the price and the terms of purchase.
If necessary, we will liaise with the vendor and/or their representatives throughout the transaction to ensure all parties are aware of progress.
We will source the finance, ensuring the best terms and structure are obtained (see our property finance section). We will work closely with the lender to satisfy any conditions of sanction, and ensure matters are progressing in line with requirements of both you and them.
We will ensure an appropriate valuer* is used. We will work closely with the valuer to ensure that the report covers all the necessary points to satisfy the lender and is produced as quickly as possible.
We will ensure that an appropriate solicitor* is used to undertake the legal due diligence. We will work closely with the solicitor to ensure any issues are identified and resolved, and that the transaction progresses as quickly as possible.
For development funding, we will ensure that an appropriate monitoring surveyor* is used to undertake the monitoring of a development. We will work closely with the monitoring surveyor to ensure that any issues are identified and resolved quickly, and that the reports satisfy the lenders requirements.
We will ensure that from an early stage, all parties understand the timescales we are working within.
We will overview the loan agreement to ensure it reflects the terms agreed with the lender. We will then explain the significant points within the agreement to ensure you understand the terms of the facility you are committing to.
Once a completion date is set, we will manage the transaction towards completion.
We will also ensure that the property is appropriately insured, using our panel of independent insurance brokers where appropriate.
The hands-on management coupled with our detailed understanding of the transaction will undoubtedly significantly reduce the length of time the transaction takes to complete.
This enhances your reputation as a serious investor who can complete on transactions quickly and efficiently. This alone can put you firmly in the driving seat in a competitive situation.
Additionally, your reputation is enhanced with the lenders, as they want to lend money. Therefore, if they see you as a serious investor (and not a timewaster of which there are many), this enhances their perception of your management skills, namely your ability to complete on a deal.
Ultimately, we make it easy for lenders to lend you money which reduces costs.
*We have a panel of trusted business partners in the following sectors :
- Survey and valuation.
- Solicitors.
- Accountants.
- Architects.
- Planning Consultants.
- Monitoring Surveyors.
- Tax Advisers (Company Structure).
- Property Sales Agents.
- Property Management Agents.
- Equity investors.
We will seek to use our trusted business partners where appropriate, although we are happy to work with your team of professional advisers if you prefer.
Our panel has companies of all sizes within these sectors, all of which are trusted by us and have a strong track record of delivery for us. We ensure that the size, nature and cost of these professionals is relevant to the size and nature of the transaction, therefore ensuring costs are kept to a minimum, and timescales adhered to.
We regularly review our panel to ensure the levels of service remain high.