Applicant, a registered builder had previously built and developed with similar scale. His existing bank relationship promised to deliver but failed, simply because so-called owner builder situation. Customer was frustrated with the whole process.
How the team at JKK Solutions helped the client
We understand it’s a owner builder situation and we worked with the customer to understand the funding needs. There is risk involved and we addressed the risk and we mitigate the risk.
Loan was approved with another major lender with at 65% of total development cost (no fixed price contract in place). We engaged the QS (Quantity Surveyors) earlier to address possible issues so all the external professionals (including valuer), our customer and the bank are on the same page.
Customer is very happy and we are assisting them with their next development.