Relationship between funder and developer
When consideration is given to the funding of any property development project, there are many vitally important aspects to consider, including the following:
- Nature of the project
- Location of the project
- Developer’s experience
- Leverage levels
- Relationship between the developer and the funder.
Key to the ongoing success of any funding is the last point, namely the relationship between the borrower/developer and the funder.
At BLG Development Finance, we pride ourselves on building lasting relationships with our developer borrowers, with the view to an ongoing and mutually beneficial business relationship. We believe that there are many Lenders offering development finance in its many forms, with the various funding options on offer, being generally similar in basic design. The singular aspect that allows BLG to stand out from the rest of the funders, is the level of service that we strive to provide, without compromising our core lending criteria.
We believe that accessibility to all levels of decision makers and operational staff allows for a high level of transparency through communication, which ultimately leads to a far greater understanding between the various parties. Each and every one of our existing, and future, clients have access to every one of BLG’s highly qualified and experienced staff, from their dedicated New Business Manager to the Chairman.
A “Cradle to Grave” approach
The BLG business model adopts a “Cradle to Grave” approach, where the entire process, from application and credit approval, through funding, to the ultimate loan repayment, is managed from the BLG Head Office in Woking. It therefore stands to reason that our clients have access to the entire service spectrum, at one centralised address.
Openess and honesty
A further aspect which is key in delivering an outstanding service is openness and honesty. It stands to reason that this works in both directions. We expect our clients to be open and honest about their personal and business history, and also the deal specific, and in return, we strive to promote an open and honest debate as to the merits of a deal, and our appetite for funding. It is this open and honest debate, coupled to the alluded-to accessibility to all staff, that allows BLG to tailor-make funding solutions to meet the specific and varied needs of our clients, without losing sight of the company’s core lending criteria.
Dedicated relationship management is a further element in forging a lasting relationship with our developer clients. This ensures that there is an ever-increasing level of understanding of the business, and its requirements and expectations, which ultimately leads to a higher level of trust between funder and developer.
At BLG we believe that we are not only in the business of Funding, but also have a responsibility to our clients to advise on the merits of a proposed project. There are occasions where we as the funder may well become aware of an issue that the Developer may not have considered, or in fact, been ill-advised on, and deem it to be our responsibility to draw this to the attention of our client. This could potentially save the developer from continuing with a project that may well be detrimental to all parties.
We strive to become a developer’s “partner”
In summary, at BLG Development Finance, we believe that it is far more important to strive to become a developer’s “partner” than merely their funder, and to this end we strive to ensure that our Relationship Management is at the highest possible level.
We urge experienced property developers in England, Scotland, Wales and Northern Ireland to speak to us about their upcoming projects. We look forward to the opportunity to discuss your funding requirements, and our funding options, with the view to structuring a bespoke funding solution that satisfies the needs of both parties.
By Paul Marais, BLG’s New Business Manager (and keen golfer and rugby fan)