How to create a great Case Overview that lenders will love

Think of the case overview as similar to an estate agents write-up of a property listing.

It’s the first thing the lender reads in the Brickflow Project Appraisal, so it needs to capture their imagination and make them want to read on.

It should :

  1. Highlight the strengths of the project and the team
  2. Explain the background of the deal and what the site is today
  3. Your vision for the project and planned exit strategy
  4. Any weaknesses there might be (it’s good to be honest on these things)

Most borrowers complete their case overview as best as they can and then ask us to review and add to it, to make it as lender-friendly as possible. Just hit the Request a Review button once you’ve completed the Project Appraisal and we’ll do the rest.

High-level figures of development experience are good.

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Confirmation of deposit source = another tick

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Ownership structure = tick

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Working with the architect who got the planning is good – this will save you lots of time, effort and money over starting afresh

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Showing you’ve worked together before = another tick

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Lenders prefer tender, as should borrowers. It’s the only way you can get true price discovery.

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This person has the experience to be a PM. If you don’t make sure it’s clear who the PM will be.

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This person has the experience to be a PM. If you don’t have that experience, make sure it’s clear who the PM will be.

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Our offer was accepted at £1.010m 2 weeks ago. Property address is XXXXX, a predominantly residential area approximately 0.5 miles from XXXXX station and its frequent trains into Central London.

The property is cleared land with planning permission for 9 units (2x 1x bed, 6x 2x beds & 1x 3x beds – all of which sit under the Help to Buy limit). All the properties have balconies. There are blocks of apartments to the left of the site and directly opposite. The site does back on to rail lines to the rear.

 

Our plan is to complete by the end of January, with a construction start date of early March. Our build time is a maximum of 12 months, allowing us to get to market for Spring 2022.

 

I have an estate agency business and our plan will be to market the properties once the steel frame is erected and the majority of the external masonry is in place (circa September 2021). With previous projects we have generally achieved 50% or more sales prior to practical completion. Each site that we build is marketed and presented to the market in a unique way that understands and appreciates the demands of the local demographic, paying particular attention to the end user.

 

This would be the 16th development project that I have been directly involved with as an owner or part-owner. The first scheme was acquired back in 2005 and delivered in 2006. The total GDV of the 15 schemes to date is approximately £31m. The biggest scheme was a new build of 11 apartments, with commercial space and a basement. Traditionally, we tend to keep the majority of our stock.

 

The property will be owned by NewCo (UK) and will be owned 100% by me and the deposit is 100% from my own sources.

 

We have agreed to continue working with the existing architect. Our structural engineer is someone we have used since 2013 and he has worked on multiple schemes with us. The contract procurement process will be tender, albeit one of the firms is a firm we know well and have worked together with before. I also own my own construction company and may manage the contract myself. Due to our previous experience and expertise, we will be performing the PM ourselves, whether we use an external contractor or whether we build it.

It’s always good to provide geographical context

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The property schedule has the breakdown of the units, but it’s always good to provide in the Overview as well

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This is important at the moment – lenders are not keen to support flats that have no outside space

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A clear timeline. When you get to market is important. Sales are traditionally stronger in the Spring and early Autumn.

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Always highlight relevant experience and expertise.

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Lenders care about 2x things; can you build it, and how I’m getting paid back; showing that your pro-active with your sales strategy is a massive tick in the box.

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Lenders care about two things: 1. can you build it; 2. how they’re getting paid back. Showing that you’re proactive with your sales strategy is a massive tick in the box.

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Again, good to reference previous experience of a successful sales strategy

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