Go Develop and their pledge for 100% full funding has helped deliver 21 apartments in South Devon.
The Queens Hotel is believed to be one of the oldest hotels in Devon. It has recently been re-imagined by a successful developer into 21 contemporary apartments in the thriving market town location in Newton Abbot.
Go Develop provided 100% joint venture funding to cover the entire cost of the residential development, including land, build, soft costs and stamp duty. There were no fees or interest servicing and so no cash flow strain for the developer. In fact, the developer didn’t need to put a penny in while funding was provided over 16 months.
With planning permission in place, construction began comprising 14 one-bedroom, five two-bedroom and two three-bedroom apartments with associated infrastructure and parking. The developer has kept the integrity of the building while maintaining a modern and high finish throughout.
Recognising the potential in the development Go Develop ensured that funding was fast and set up ‘SPV’ for the JV partner to hold the project until it was finished and sold. Then a profit share contract was created for both parties with the developer receiving the lion’s share.
At the Newton Abbot development, the funder assisted with an entire marketing suite including brand, brochure and website design, CGIs and drone photography, sales progression and exit, hoardings and promotions.
Organising monitoring surveyors, instructing legals, chasing key personnel, taking care of VAT returns and ensuring monthly site visits to support progress are just a few of the additional services a joint venture partnership can deliver.
The property developer commented: “We chose Go Develop because the funding certainty they offer is invaluable in these interesting times. Having been let down during the last crash, we all know another one is coming at some point. Having funding certainty and a partner that has a building not banking background makes it so easy. Drawdowns are always on time, swift and efficient and Go Develop are very easy to do business with.”
92% of partners return to Go Develop – a testament to how easy the funders are to deal with. Go Develop is currently involved in a number of building schemes across England and Wales.