Well done Sam. Very rich content video typical of what could come from you.

@thesamnorris

5 ай бұрын

You’re too kind Osita!

So clearly explained, thank you.

@thesamnorris

2 жыл бұрын

You’re welcome Nicola. I’ll be doing more videos on development finance soon. So be sure to subscribe. Is there anything in particular you’d like me to cover?

@nicolasimpson7399

2 жыл бұрын

@@thesamnorrisnothing I can think of right now…but I don’t know what I don’t know if that makes sense! Really wanted to see what I need to have in place before lenders will consider an application, which you covered in pretty good details. Look forward to watching the next videos!

Great content shared here.

@thesamnorris

3 жыл бұрын

Thanks Charlene!

Great content 👌.

@thesamnorris

3 жыл бұрын

Cheers Glory!

Contractors generally do the work first then want payment, so hopefully you shouldn't need to pay the contractors till the tranche payment is released

@thesamnorris

3 жыл бұрын

It doesn’t work like that unfortunately. The schedule of works and costs will be what the tranches follow, so once a certain amount has been spent, a QS will go out to check and then authorise the next release

Good morning Sam, I hope you’re doing well.. I’ve watched a few of your videos on KZread and I really enjoy your content and it’s very informative and well broke down.. If possible could you please explain. How I’d go about getting development finance on my residential home? I know about the draw downs etc but I just don’t know how it works with residential and how all the fees work.. like up front and exit for example. If you could let me know that would be great as I’d be interested in doing it if it works. Thank you and have an amazing day mate

@thesamnorris

Жыл бұрын

Glad you’re finding the videos helpful. So development finance for a residential home is something a bit different as it is regulated by the FCA and is therefore different from the development finance I am describing in this video. As long as you can demonstrate that you have the means to pay off the loan in its entirety- ie through a new residential mortgage, then there are lenders who can do it. More than likely you’d have to pay off your current residential mortgage and replace it with the residential development finance too, which may incur early repayment fees to do.

Hi Sam, great video, thanks for putting out the content. I have a property down the road from myself which is in rather poor condition, I have a possible investor willing to front a large sum of capital but would leave circa £160k to buy the property outright. To make the investment worthwhile it would need to be either extended by way of loft extension with dormas and or need knocking down and rebuilding due to significant cracks in multiple walls around the property which will obviously all be STPP. Am I correct in thinking the property would need to be purchased outright in this situation due to length of programme etc. And therefore not likely to be financed by development finance? TIA.

@thesamnorris

3 жыл бұрын

These projects can be financed. It’s better to organise at the start (even if just the works costs with cash purchase) as I’ve seen lenders turn their noses up as they think that if you’re asking for funds after you’ve started, then somethings gone wrong and so therefore represents a risk.

Hi I design properties building swimming pools, Jacuzzis and fountains

@thesamnorris

Жыл бұрын

Fantastic!

Hi Sam great video! I own 2 buy to Let property 1 in my personal name and 1 in my limited company which I purchased and done a full refurbishment Is that enough experience to kick start onto development finance?

@thesamnorris

3 жыл бұрын

Awesome stuff! What’s your plans for 2021?

Great information, just wanted to know how I would get the finance to build one or two bungalows as a first time developer with zero experience? Is that something you can help with?

@thesamnorris

3 жыл бұрын

Hey Mr H, what will really help you here is using a really experienced contractor, and being pretty "hands off". The lender can then rely on their experience. lending options will be small, but its always harder at the beginning. happy to help, my number is 07958079395 and email is sn@grandunionfinanceltd.co.uk

Hi Sam, I have a inherited property in London, I'm converting the old victorian house into two flats...I plan to get development finance for all the work, and then convert to buy to let mortgages on both flats...the property is worth about 1 million. After the conversion the property will be worth approximately 1.7 million, does this sound feasible, the building cost will be around 500k. Any advice will be much appreciated, I only plan to rent the property afterwards.

@thesamnorris

Жыл бұрын

Hi Oscar, yes it does. As the stage payments on the development finance are paid in arrears, I would recommend you also take a small amount as a day one loan so you don’t have to put any cash in yourself, so you might borrow say £600,000 in total. Without know more about your situation it’s hard to give less generic “advice”. But happy to help if needed

Could I have the assets and liabilities template you spoke about in the vid please?

@thesamnorris

3 жыл бұрын

Absolutely Will, whats your email?

Will a development lender lend on the purchase price or the current value? The purchase price is considerably higher than the value of the land.

@thesamnorris

2 жыл бұрын

They will generally lend in the lower of the two, the open market value, or the purchase price.

Hi Sam.. I have many many years experience refurbishing houses/ flats and have developed and sold 5 properties for family ... however my aim is to now source finance for my own project's small to begin with.. and altho I will have minimal if any hands on input myself... fortunately for me my brother in law project manages.. hence he will oversee any forthcoming projects of mine.. can you help me and give me that piece of mind I need to commit.. I do have funds but unfortunately its locked up within a failed marriage currently and probably will be for the next 12 month's.. but i wanna get started now !!!. Any reply is welcome.. Daz

@thesamnorris

3 жыл бұрын

Hi Daz, if between you and your brother in law you can show related and relevant experience this would certainly open up more lending options. Generally you’ll need about 30% deposit though, even if you’re covering the cost of the works yourself. Is this possible? Happy to talk through the project if you’d like

Hi Sam , could I have one template ? Thanks

@thesamnorris

9 ай бұрын

Hey Lucas. Sure. Send me an email to info@grandunionfinanceltd.co.uk

Sound advice but i would suggest you shoot your vids where there's not a plug in rad and your bed in the background , just a thought.

@thesamnorris

3 жыл бұрын

Thanks for the advance. This was shot in my in laws loft. I’ll take that on board though 👌🏻👌🏻 glad the video was useful