We are quite regularly approached with clients looking to complete a property that has already started. This could be with just the slab down or it might be an already wind and water tight property, waiting for first fix and beyond.
This building finance requirement stems from various scenarios including taking over a site that has been repossessed or just finishing a build that was started with the clients’ own cash or resources.
Most lenders will shy away from this sort of proposal as it has potential problems waiting to be exposed. For example how can it be proven that the foundations are done correctly or that the retaining wall has been done to the right specifications. Richmond Securities, however, WILL consider this sort of project.
We will take steps to satisfy ourselves that the work to date is satisfactory (and this can help the client as well as us) and we will carry out our normal underwriting procedure. What we won’t do is decline the enquiry without due thought or consideration.
Part built schemes can be great for a client as planning is taken care of and the time spent carrying out work already done is saved.
As with all our other building finance products we try and be as flexible as possible and will carry out detailed research before we give you our in principle decision. Over the years we have allowed clients to complete either sites they have bought that were sold off by another builder or just come to us to put the finishing touches to property that is well on the way to completion.
We are just a call or email away so contact us for more information and let us help you get your next project underway.