We are reaching out to fellow developers and investors to see if anyone has found a simple and elegant way to fund projects.
We have worked very hard over the last 12 months to unlock the key to the funding element of what we do.
SPOILER ALERT!!!
There is no magic wand or bottomless pit of money to call upon.
When we are working at the capacity we have been and doing the number of projects we are doing it is inevitable that some funding will be required. Quite frankly if we can do more projects through using funding we will!
Whilst the aforementioned magic wand is still missing we have found some key ways to mitigate the delays involved and try and make the process as smooth as possible so we thought we would share some with you. What other tips do any fellow investors/developers have;
- Be ready – you will be asked for ID, proof of address, credit reports, asset and liability statements and any rental assets you own may be asked to prove the rental income through statements. Get everything ready before you start the process this will save lots of time and stress.
- Keep your key team small – you should only need 3 brokers or 3 lenders. By keeping the number of lenders you deal with small you should be able to only provide things the first few times. It will then get easier and quicker over time.
- Be responsive – there will be queries, there will be things that need signatures from you. Deal with these things quickly. If you are busy, make sure someone is checking post/emails for you to avoid delays.
- Be Innovative – traditional lending is not the only way.