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.

It’s always good to provide geographical context

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

Always highlight relevant experience and expertise.
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.

High-level figures of development experience are good.

Ownership structure = tick
Showing you’ve worked together before = another tick
This person has the experience to be a PM. If you don’t make sure it’s clear who the PM will be.

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.

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

A clear timeline. When you get to market is important. Sales are traditionally stronger in the Spring and early Autumn.
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.
Again, good to reference previous experience of a successful sales strategy
Confirmation of deposit source = another tick
Working with the architect who got the planning is good – this will save you lots of time, effort and money over starting afresh
Lenders prefer tender, as should borrowers. It’s the only way you can get true price discovery.
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.

When you already own the site always explain how much you paid for it and when.

Always highlight previous relevant employment experience.

This is an important point. Whist the experience isn’t relevant, it shows that this person has built up wealth through his other business, but more importantly, it shows that their is money behind the partnership. Lenders always like to know there is access to funding in case the project goes over-budget.

There is a nice gradual progression to their projects. Lenders like this.

Current site progress and status.

A pro-active sales strategy – gives a lender confidence – they’re leaving nothing to chance.

Ownership confirmation

This whole section is great – they clearly know what they’re doing and have appointed every single trade ahead of completion. Including the weblinks for each, also allows the lender insight to the calibre of trades you’re working with. This is a huge tick in many boxes.

Purchased the site in summer 2017 for £300k and now putting in the infrastructure e.g. roads, sewers, etc. So far everything has been funded by cash, but now we are looking for funding. We have spent £648k so far (including the land) on planning, demolition and infrastructure.

We are a partnership which consists of XXXXX, who has 10 years of experience as a PM for XXXXX Homes. XXXXX has managed sites ranging from 52 units to 600 (1x phase of a 1,100 unit scheme).

XXXXX started off life in the textile industry 40 years ago and then started acquiring property. His portfolio of property is predominantly industrial property. Historically, XXXXX is more a commercial landlord than developer, but has strong business and project management acumen that is transferable to the property development business. XXXXX’s portfolio is worth circa £6m with no borrowing.

XXXXX & XXXXX have come together to start a new venture to build new homes. This is their 3rd scheme together, the other schemes were all funded from cash. The 1st scheme was 3x new build houses, with a GDV of £450k. The 2nd project was 3 houses, with a GDV of £500k. This project (their 3rd) is 6 houses and 2 bungalows.

They acquired the site with outline planning for 9 properties. They then revised the planning to 8 houses, to give each plot more space, which is now what they have full planning for. They started on site on the 26th of October and are currently installing the roads and sewers. The aim is to start the actual construction of the properties in January 2021. They anticipate the build time to be 6 months from January, and then would like to give themselves 6 months to sell. They will start marketing the site through an agent in January, and they’ve already confirmed interest in 3 of the units.

The deposit for the scheme is 100% from the owners, and they own the company 50/50. XXXXX looks after the contract procurement and the construction, engineering and technical work, and XXXXX works on site procurement, funding, legals and sales.

The professional team is made up of
XXXXX architects – weblink included
XXXXX engineers (structural) – weblink included
Civil engineers are XXXXX – weblink included
XXXXX Civils are the Civil contractor – weblink included
Piling is completed by XXXXX – weblink included
Traditional build and the brickwork will be completed by XXXXX Brickwork
Mechanical by XXXXX – weblink included
Electrical by XXXXX – weblink included
Building Control by XXXXX – weblink included
Plastering by XXXXXX – weblink included
Carpentry by XXXXX – weblink included
Roofing by XXXXX – weblink included
Decorating is in-house
The contractors are managed by XXXXX Ltd (which is also the owner of the land).

Always explain the current funding. If you have debt, explain how much and with which lender.

Whilst this experience isn’t relevant to construction, it shows that they are business minded, which is a positive.

Note the previous work together.

Important to highlight any changes to planning whilst the land has been in your ownership.

A clear timeline.

Deposit source confirmation

Clear division of responsibilities between the partners.

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.

Purchased the site in summer 2017 for £300k and now putting in the infrastructure e.g. roads, sewers, etc. So far everything has been funded by cash, but now we are looking for funding. We have spent £648k so far (including the land) on planning, demolition and infrastructure.

We are a partnership which consists of XXXXX, who has 10 years of experience as a PM for XXXXX Homes. XXXXX has managed sites ranging from 52 units to 600 (1x phase of a 1,100 unit scheme).

XXXXX started off life in the textile industry 40 years ago and then started acquiring property. His portfolio of property is predominantly industrial property. Historically, XXXXX is more a commercial landlord than developer, but has strong business and project management acumen that is transferable to the property development business. XXXXX’s portfolio is worth circa £6m with no borrowing.

XXXXX & XXXXX have come together to start a new venture to build new homes. This is their 3rd scheme together, the other schemes were all funded from cash. The 1st scheme was 3x new build houses, with a GDV of £450k. The 2nd project was 3 houses, with a GDV of £500k. This project (their 3rd) is 6 houses and 2 bungalows.

They acquired the site with outline planning for 9 properties. They then revised the planning to 8 houses, to give each plot more space, which is now what they have full planning for. They started on site on the 26th of October and are currently installing the roads and sewers. The aim is to start the actual construction of the properties in January 2021. They anticipate the build time to be 6 months from January, and then would like to give themselves 6 months to sell. They will start marketing the site through an agent in January, and they’ve already confirmed interest in 3 of the units.

The deposit for the scheme is 100% from the owners, and they own the company 50/50. XXXXX looks after the contract procurement and the construction, engineering and technical work, and XXXXX works on site procurement, funding, legals and sales.

The professional team is made up of
XXXXX architects – weblink included
XXXXX engineers (structural) – weblink included
Civil engineers are XXXXX – weblink included
XXXXX Civils are the Civil contractor – weblink included
Piling is completed by XXXXX – weblink included
Traditional build and the brickwork will be completed by XXXXX Brickwork
Mechanical by XXXXX – weblink included
Electrical by XXXXX – weblink included
Building Control by XXXXX – weblink included
Plastering by XXXXXX – weblink included
Carpentry by XXXXX – weblink included
Roofing by XXXXX – weblink included
Decorating is in-house
The contractors are managed by XXXXX Ltd (which is also the owner of the land).