We have been in lockdown or coping with travel restrictions for almost a year now and for many of us that rely on meeting our clients and prospects face to face, it’s been a challenge. Although, I’m actually beginning to wonder how I ever found time for travel!
However, thanks to agile processes and the wonders of video-conferencing tools, we managed to keep supporting our clients with the funds they needed to grow portfolios and take advantage of the opportunities that inevitably occurred.
Not travelling from meeting to meeting across the South West and Wales, has enabled me to connect virtually with even more property professionals and explain what makes Signature different.
However, the switch to socially-distant networking has proved both challenging and rewarding in equal measure, but innovation from finance brokers has helped us all address the issue and keep working.
South Wales Property Meet
My first event of the year took place on Wednesday 17, with the excellent Harvey Bowes Financial Services again organising a South Wales Property Meet, which unfortunately had to be virtual rather than in-person, for obvious reasons.
But with a great line up of presenters, covering topics as diverse as drafting Wills and Tax planning, the event was once again a big success if the feedback from the attendees is any measure.
I had the opportunity to explain our refurbishment loan offering, both the light and heavy product options, which we expect will win greater favour with property professionals and brokers alike, as few can compete with our terms, speed of decision or commitment to doing what we say we will.
Light Refurbishment from Signature
Our product is designed for works non-structural in nature and refurbishment works that cost less than £30k or 25% of the existing property value, with costs below £30k drawn against invoices paid.
Where our product wins is in the detail. Lots of headline figures kicking around the market from our competitors may catch the eye, but our commitment to deliver at drawdown, on the terms agreed at the outset, with no nasty last-minute surprises, makes a big difference to our clients.
Also, our maximum loan to value (LTV) of up to 75% on day one, is based on open market values (OMV), not the 180-day or 90-day values favoured by some, despite these values being anywhere from 10-20% lower than our OMV values.
We lend between £100k and £1.5M, subject to the amount being the lower of 70% of the gross development value (GDV) or 80% of the total cost of the project, with terms up to a maximum of 24 months – and we have plenty of funds!
Heavy refurbishment from Signature
This product is for the heavy stuff, beyond a new kitchen, bathroom or decorating and is aimed at projects with works costing more than £30k or 25% of the property value. The staged drawdown of refurbishment costs need to be certified by a panel Surveyor or Quantity Surveyor.
Importantly, once again our maximum LTV of up to 75% on day one is based on OMV, not the 180-day or 90-day values favoured by our competitors.
The loans, between £100k and £1.5M, are subject to the amount being the lower of 65% of the loan to gross development value (LTGDV) or 80% of the total cost of the project, with terms up to a maximum of 24 months. You can see why it will be popular, given our low rates and quick decisions.
The information was presented via PowerPoint through Zoom and the audience of property investors were at home, rather than in the same room with me, but the message remains the same; Signature Property Finance is open for business and will find ways to lend not turn deals down.
The next event, which I highly recommend you joining, will also take place via Zoom at 7pm on Wednesday 17th February 2021, again organised by the excellent team at Harvey Bowes, who really are specialists when it comes to structuring property finance deals.
In the meantime if you have a deal to discuss, in the South West, Wales or beyond, please get in touch and I’ll talk you through the differences that make Signature Property Finance the lender you can trust to deliver what it says it will deliver, with no nasty, last-minute surprises.