J3 Advisory saves SME Developer 35% on building warranty insurance

Building Warranty advisory, J3 has saved developer Grange Country Homes £15,000 through its expert advice.

Grange Country Homes (GCH) instructed new build warranty specialists J3 Advisory when one of the leading insurance providers in the market made several arduous requests, including the need for an additional £18,000 to be held in escrow. GCH were reluctant to proceed without fully exploring their options.

J3 Advisory’s head of business development, Daisy Neall presented the project and its associated risks to J3s A-rated panel of insurers and quickly secured several alternative terms from the market. Thanks to J3’s relationships with insurance providers, Daisy was able to remove the need for an escrow and secured an alternative quote that offered a 35% saving on the building warranty insurance.

She explained: “Price shouldn’t be the be all and end all when arranging warranty, but it is really pleasing to be able to save a developer a significant sum while still ensuring the project is protected. When we work on a bespoke development like this, it’s important that we approach our A- rated insurers who have suitable appetite and experience. It was therefore pleasing to be able to provide the client with a ten-year policy that is fully compliant with UK Finance & gives full access to the lending market.  I look forward to seeing this scheme take shape and working with Grange Country Homes on future projects.”

The new build project has an anticipated gross development value of £4m and the quick turnaround enabled Grange Country Homes to proceed with building its nine stylish and contemporary two and four-bedroom homes as planned.

Stephen Kelly from Grange Country Homes added, “We really appreciate the advice that J3 has provided. Our first experience using J3 has been really positive, Daisy’s expertise was invaluable in finding us the ideal protection at the best price-point. We’re grateful for the advice and look forward to working with them in the future.”

GCH were introduced to J3 by Matthew Cleave from MPC Estates, who arranged the finance facility on the scheme.