When Go Develop were commissioned with providing a flexible development funding solution for a series of Victorian houses in Manchester, they delivered with aplomb – leaving one very happy client
Two miles southwest of the City Centre of Manchester lies Whalley Range. It’s one of Manchester’s first suburbs, built by banker and businessman Samuel Brooks as “a desirable estate for gentlemen and their families”.
Today it’s an area of large Victorian houses on tree-lined avenues with plenty of generous public spaces, making it understandably a desirable area for families and professionals alike.
Our Partner, an established developer came to us with planning permission in place for 20 x 3 storey, 4 bedroom, 2/3 bathroom dwellings with parking and landscaping. It’s rare to come across such a sizeable piece of land in such a fantastic location but even still, he was struggling to find flexibility in the development funding marketplace.
Thankfully, help was at hand as our developer explains;
“When I first met Go Develop I couldn’t believe what you were offering… hang on there must be a catch I thought…. are you saying I can find a site on a subject to planning basis, secure the planning, introduce it to you and you will pay me for the margin I have made straight away in the planning gain uplift.”
Our partner was excited to find that Go Develop offer 100% full funding certainty covering everything from land and build to stamp duty and soft costs – no fees or deductions. Developers have absolutely no outlay – not a penny, and there are no set spreadsheets or ‘computer says’ mentality. Instead, you deal with real people who are easy to do business with, and as we’re 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.
A new Go Develop ‘SPV’ was set up the same day for our partner, to hold the project until it’s finished and sold, with a profit share contract for both parties. On completion and sale of the property the profit is divided with our developer getting the lion’s share.
In this scheme, our developer made use of our 100% funding to the total of £5,288,918 over 18 months. Go Develop were flexible when a 7 week extension of time was needed due to the uncovering of an underground bunker. We’ve seen everything in the property industry! The best bit? Go Develop, not the developer, burnt the midnight oil and did all the admin, VAT returns, valuations and chasing of solicitors and surveyors saving huge time and cost.
The result? All 20 properties have been sold and like 92% 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… “You know with Go Develop that you’re in safe hands and they’re straight and easy to do business with – that’s worth a lot! An awful lot!”
Go Develop currently have over 1,000 units under construction and plan to reach £250m partner funding in the next 18 months. Discover more case studies on our website www.go-develop.co.uk