Regentsmead launch product for inexperienced developers
Specialist development lender Regentsmead have this week announced the launch of a brand new product available exclusively for inexperienced property developers. The product will be available from September after being trialled in various formats through the summer. The development finance product involves the inexperienced party being teamed up with a construction firm with a developer agreement in place. This way Regentsmead will now be able to fund many schemes that otherwise would not have met their criteria.
James Bloom CE of Regentsmead, said: “Following a survey we conducted earlier this year our brokers have been telling us how frustrated they are when it comes to placing deals for inexperienced clients. Approximately four out of five of our brokers will leave development finance enquiries because they struggle to place them. Some of these prospective developers have some excellent projects however they fail to meet certain criteria due to lack of experience so it’s been very frustrating in the pass having to turn some of these down. Thankfully we have found a way to change this now. We have a standard developer agreement in place that we can use to assist with the partnership between the client and the building firm and have spent the summer streamlining this offering to make it suitable for the whole market. Our trial period was an overwhelming success and we are delighted that we can now officially announce this very exciting launch.”
One of Regentsmeads partners who worked on developing this product is The Altius Group of companies.
Bob Fidock, CEO of Altius, said: “We are delighted to have worked with Regentsmead on this much needed approach to unlocking opportunities that may otherwise remain undeveloped, with the need for homes remaining at an all-time high this is a perfect example of how SME’s can be supported to meet that need and we look forward to meeting the challenge.”
James said: “The purpose of this exercise is that we can offer the same five star service, with the same speed and by providing a turnkey solution the prospective developer will incur less costs and have all the hassle of property development taken care of for them. It’s a win-win scenario all round.”
The uptake of this product has so far proved very strong and Regentsmead plan to make this available to both their introducer partners and direct clients and forms another vital part of their recent campaign to help ‘Get Britain Building’.