After what seems like an eternity we finally have our finance approval – hooray! I looked back through my email inbox to see that I first made enquiries over 6 months ago in regards to finance for our project.
That initially consisted of asking for any recommendations from friends and colleagues and an additional total of 18 phone calls to banks, finance companies and brokers sourced from the internet, property magazines and property show brochures to see what other options existed.
In the end I actually quite enjoyed hearing from friends, colleagues and even some brokers about how difficult it was to source finance or the fact that there was no money available out in the market for development – this spurred me on to ensure I found money at a good price!
There is certainly finance out there but at what I would consider expensive rates (15-18% p.a) There seems to be no end of money at this rate; I guess it is no surprise if those rates are being taken.
Luckily after pushing on as many doors as we could to find one that would open and the numerous conversations that we had we now have an excellent broker and a good building society who we will work with (and more importantly who has agreed to lend us the entire amount to build the house for just over 6%.)
Really pleased to finally have a mortgage offer in hand!
This has also come after many unfulfilled promises from other companies who said they could do the job but changed their tune when it came to the crunch. Oh well, their loss…
And then there has been the hoops to jump through! All I can say is that we are proper circus performers now! We have had to divulge any and all sorts of personal and financial information to companies along the way. They know just about everything now there is to know; leaving only the colour of my underpants as sacred!
But if it meant we get to the point where they agree to lend us the money then I would happily tell them that too!
It obviously took far longer than expected to attain finance but had this option not worked out then it would have severly delayed our project and cost us a lot more money as a result! It came just in the nick of time as we had actually commenced clearing the site and preparing for foundations, so the invoices had already started to roll in!
This is the final piece of the puzzle for the green ‘go’ button on our eco project to be firmly pressed!