Our Partner, an established developer came to us with an exciting development needing 100 per cent funding on the site of a former Country House Hotel. The project was to create Glazebrook meadows – a select development within Warrington within easy reach of Salford, Manchester and Liverpool.
This remarkable site consists of 36 homes, made up of 27 houses and nine apartments, including a children’s play area and lots of open green spaces. It was vital that it remained in keeping with the aesthetics of the village and reflected the authentic green belt location. It was a fantastic opportunity, too good to give up, but our developer had all their finance deployed in other schemes.
At Go Develop, property is in our DNA. We fully understood what our developer was facing. We know that profits are often embedded in work in progress and that most good developers often have more schemes and opportunities than funds available.
For that reason, we provide a complete ‘sleep at night’ solution of 100 per cent full funding. We cover everything from land and build to stamp duty and soft costs – no fees or deductions – releasing our developers to get on with what they do best and build greater profits.
Our Glazebrook Meadows developer couldn’t believe our offering….
“I’ve used various lenders and funders over the years and I’ve never come across anything as good as Go Develop, 100 per cent funding is a game changer for housebuilders like ourselves.”
A new Go Develop ‘SPV’ was set up the same day for our partner, to hold the project until it was finished and sold, with a profit share contract for both parties. On completion and sale of the property the profit has been divided with our developer getting the lion’s share.
In this scheme, our developer made use of our 100 per cent funding to the total of £5,828,924 over 17 months. Go Develop were flexible when a five week extension of time was needed due to a delay in getting discharge notices of the pre-commencement planning conditions. That’s because you get to deal with real people who are easy to do business with at Go Develop. As a principal funder, investing our own money nationwide, we can and are known for being flexible for the right opportunities and making things happen; fast.
The best bit? Go Develop, not the developer, take on the strain and drain of admin, VAT returns, valuations and the chasing of solicitors and surveyors saving huge time and cost. If you add in our experience of legals, surveying, marketing and accounting, our developers find they really do benefit from a complete one stop shop package that can help from the initial concept to the exit strategy.
Like 92 per cent of Go Develop partners, our developer has another project for us to review which is testament to his experience of working with us. As our partner says…
“Being a joint venture partner has allowed us to snap up a very profitable opportunity which would not have been feasible otherwise. The whole process was really straightforward and the team were extremely personable, working quickly to turn things around in a time pressured environment. We are already looking for our next joint venture opportunity with Go Develop.”
Go Develop currently have over 1,000 units under construction discover more case studies on our website www.go-develop.co.uk