How Go Develop's flexible funding approach is helping to build for the future

Brian West

14 November 2017 09:47 GMT

A developer who has just sold 20 homes built with the help of Go Develop has paid tribute to the ease and efficiency in which the business was conducted.

The glowing testimony comes after the established developer approached Go Develop with planning permission in place for 20 three-storey, four-bedroom, two/three bathroom dwellings with parking and landscaping.

The development is two miles southwest of Manchester city centre in Whalley Range. It’s said to be one of Manchester's first suburbs, built by banker and businessman Samuel Brooks as "a desirable estate for gentlemen and their families”.

Today it’s an area of large Victorian houses on tree-lined avenues with plenty of generous public spaces, making it understandably a desirable area for families and professionals alike.

And it’s rare to come across such a sizeable piece of land in such a fantastic location but even still, the developer was struggling to find flexibility in the development funding marketplace.

But help was at hand thanks to Go Develop, as the developer explains: “When I first met Go Develop I couldn’t believe what you were offering… hang on there must be a catch I thought...are you saying I can find a site on a subject to planning basis, secure the planning, introduce it to you and you will pay me for the margin I have made straight away in the planning gain uplift.”

A Go Develop spokesman explains that the partner was "excited to find that the company offers 100 per cent full funding certainty covering everything from land and build to stamp duty and soft costs – no fees or deductions.

"Developers have absolutely no outlay– not a penny, and there are no set spreadsheets or ‘computer says’ mentality. Instead, you deal with real people who are easy to do business with, and as we’re a principal funder, investing our own money nationwide, we can and are known for being flexible for the right opportunities and making things happen; fast.

"A new Go Develop ‘SPV’ was set up the same day for our partner, to hold the project until it’s finished and sold, with a profit share contract for both parties. On completion and sale of the property the profit is divided with our developer getting the lion’s share."

In this scheme, the developer made use of our 100% funding to the total of £5,288,918 over 18 months. Go Develop were flexible when a seven-week extension of time was needed due to the uncovering of an underground bunker.

"We’ve seen everything in the property industry!" adds the spokesman. "The best bit? Go Develop, not the developer, burnt the midnight oil and did all the admin, VAT returns, valuations and chasing of solicitors and surveyors saving huge time and cost.

The result? All 20 properties have been sold and like 92% of Go Develop partners, the developer has another project to be reviewed which is testament to his experience of working with the company.

The developer concluded: “You know with Go Develop that you’re in safe hands and they’re straight and easy to do business with – that’s worth a lot! An awful lot!”

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