After Planning Approval, then What?
Hi Everyone,
I hope you had a good week, wherever you are in the world?
My week has been extremely busy trying to get funding for the property development of 5 flats that was approved 2 weeks ago (can you believe it? 2 weeks have flown by).
One would have thought that having received the planning approval to carry out the conversion that would automatically release the funding, no that would be too simple.
The first thing was that the funder we had allocated and relied on for funding the project withdrew instead claiming that they couldn t meet the timescales. We had a few others in reserve fortunately and we have been dealing with these as well as talking to investors every day.
Since then we have been turning over lots of stones trying to find the elusive equity and debt to carry out the development.
Investors have been fickle as well, so as we speak we have 2 groups that are 90% probable, but we dont have money in our bank account yet, nor, more importantly in our solicitors bank account.
I hope that tomorrow will be the day for moving everything forward dramatically and closing the purchase of the property.
It is the end of the week, and there are plenty of other pressures as well, which I wont bore you with here.
A friend of mine communicated with me today about another property that I viewed 21 months ago, and it is back on the market for the same unrealistic price. I may even put another offer in to purchase the lovely old Victorian building, but it wont be at the asking price, it will be far less than the marketed figure (1.7m GBP, around $2m). I will cut straight to the chase and go straight to the vendor. I have her direct phone number from the last time we spoke. At that time she required 1.7m gbp and I was not prepared to accept any conditional offers.
We were not going to waste any more time on this "possible" project. Why, because the owner has a very fixed view about what she will take for the building. We thoroughly researched it last time, so a quick call to the vendor to see if she is prepared to take a reasonable offer at todays market price, if not, move on.
So that was my week that just flashed by,
Wishing you a happy weekend wherever you are in the world.
Cheers
Alan
Recent Comments
7
When it comes to money and investing it, everyone is fickle!
Hope all ends up great for you.
Barbara Hickman
Yes that was a hectic one. Don't be surprised if you get a positive call back, sometimes your offer turned out to be the best one. I have been there.
David
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You'll get it done it done Alan!
Jeff