5 finance tips

1. Prepare a business plan in advance - see below. This can always be updated. It gives the broker and the bank a good idea of what you are about and will save a good deal of time when you come to borrowing money.
2. Do your homework on the scheme. For instance, check for restrictive covenants; make sure all planning conditions can be satisfied; make sure that the houses can actually be built from the available drawings!
3. Make sure the scheme is viable. Have you taken all costs into account? Don't forget, stamp duty, S.106 payments, finance costs and fees.
4. Make sure the development is not a step too far for you. Banks prefer to see a steady progression in a company.
5. Is the scheme geographically close enough for you to manage? Do you really want a 2 hour drive to the site each day?