Unexpected Funding Setbacks - Roadblock
Hi Everyone,
I hope you had a great weekend, and are enjoying the start of the new week.
As part of our processes, we arrange funding for purchase and development of buildings.
This week started off with a surprise announcement from the funder regarding conditions being placed on funding one of our projects.
This application has been going on for months, so we need to do something drastic to move this forward to a conclusion so we can complete the project works.
Inevitably we have to conform with the lenders requirements, no matter how apparently unreasonable they may seem, we just have to bite the bullet.
Its easy! As simple as that! Do as you're told and the door will magically be opened.
The cost in solicitors fees to get us this far has been enormous, lets hope we can see light at the end of the tunnel once we get the necessary funding. It will only take us around 4 -6 months to complete 9 flats, so the conversion weill be finished by Christmas 2025.
Im looking forward to getting started on the site, so we can see things really happening and changing.
Legal processes arent very interesting to look at!
Have a great week everyone!
Cheers
Alan
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Recent Comments
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Hey Alan, I'm sorry to learn you have had some difficulties in your work. I am sure you will find a solution if all else fails.
I know from past experience that funders requirements can be risky for property developments - but also know how lucrative the returns can be.
I wish you the very best with this project.
;-)
Richard
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Hope the original funders come through for you in the end Alan so you can finish the project....
I totally understand what a pain in the rear (to put things politely) it can be when funders pull out at the last minute.....
Sometimes better funders who have waited until the last minute can jump in on better terms for them of course, but...... sometimes..... nothing unfortunately.....
Goes with the job and territory my friend but I hope you find a solution!! :-)