Below is a simple break down of what we look for in a case. It may seem specific but it means a bigger buying audience and an easier exit for us both. At Go Develop, our aim is to make things as easy as possible for our partners. We look after all the funding, all the legals and all the pre/post contract work, allowing you to focus on the development and still take the majority share of profit.
How it works
- We like to work with experienced developers.
- Projects would be multi-unit residential new build or conversions under *PDR in the mid-price bracket.
- Project length should be no more than 24 months.
- Full planning permission must already be in place
- GDV target of £2m – £15m. GDV per unit should be no more than £700K for Home Counties and £400K for other areas.
- Interest is charged on a blended mix of senior and mezzanine elements which is competitive.
- We work to ROCEs (Return On Capital Employed).
- Profit is divided between JV partners, typically it’s 60/40% in the developer’s favour.
- We will hold the asset in a brand new Special Purpose Vehicle (SPV) owned by Go Develop.
*Permitted Development Rights – Commercial conversions to residential under PDR planning.
- One-stop-shop solution. One set of legal fees, one relationship, one monitoring surveyor. All costs amalgamated into one – real savings.
- It doesn’t tie up your funds meaning you can turbo-charge your profits through multiple deals.
- Input some of your capital with us and earn a fantastic rate of return on it at 10% PA as well as the bulk of the profits at the end of the deal.
- Allows you to take on more projects with all the synergy and profit benefits.
- No need to service debt at any stage all interest can be rolled up to the end of the project.
- Option to take project management fees
- One JV funder covering all the costs, removes the need for inter-creditor agreements and keeps things simple.
JOINT VENTURE PROCESS
The process below details an example of the typical stages from initial application to construction on site. On average, a deal can be done in 28 days or sooner.
Having all the right information in place means a quicker turnaround for you.
- Initial application.
- Fill in the online form, help us to help you with your enquiry.
- Desktop appraisal of development scheme.
- Heads of Terms issued.
- Introduction to the Go Develop Technical team.
- The Go Develop Technical team issue construction documentation.
- JV agreement completion.
- Drafting of actual contract documentation /appointments / warranties by the Go Develop Technical team.
- Pre-commencement meeting on site with the Go Develop Technical team.
- Execution of contract documentation / appointments / warranties.
- Commencement on site.
- Post contract site progress meeting and valuations on a monthly basis managed by the Go Develop Technical team.
- Practical completion signed off by Go Develop Technical team.
WHAT OUR CLIENTS SAY
“We have been delighted with Mark and his team at Go Develop™; they have done everything we have asked of them, on time, and have stuck to their word at every juncture. I couldn’t have asked for a better funding and strategic partner. They have been instrumental in allowing Edenstone Homes to forward plan the very exciting and substantial pipeline that we now have.”
“Go Develop has been the perfect joint venture partner for us. Their involvement has meant that we haven’t had the usual hassle and delays of finance that we usually associate with banks. We have been able to focus all our efforts on developing great new homes that have generated us significant profit as well as it helping build our brand. They have helped us transform our business.”
“We were so pleased with the Go Develop team. They were fast and efficient and a breath of fresh air. After being let down by two banks that wasted six months of my time, I nearly lost the deal I had been working on for nine months. Go Develop did everything they said they would. I am on my third project and wish I had met them years ago.”
“There will always be obstacles with a development, but to come across a business that takes away the hassle for you…it is a breath of fresh air. The ability for 100% funding where they look after all the legals, monitoring and finances allows us to do what we do best, get the job done and reap the rewards. We are now underway with our second joint venture.”
“We already had a development underway when we came across an opportunity that was too good to miss. Being a joint venture partner has allowed us to snap up a very profitable opportunity which would not have been feasible otherwise. The whole process was really straightforward and the team were extremely personable, working quickly to turn things around in a time pressured environment. We are already looking for our next joint venture opportunity with Go Develop.”
“So many funders claim so much and do so little, often being scared of their own shadow. A supposed flexible lender was useless and didn’t have the funds we needed to close on a land deal fast, having won a tender. We were told about Go Develop at a property seminar, and what a great introduction that was. We are now on our fourth deal and going from strength to strength.”
“Post-purchase it became apparent there was more potential within the site and we wanted to submit a fresh planning application to increase the GDV. This was going to result in delays but ultimately far more profit. Go Develop totally supported us and realised that – despite the delays and the increased costs – it made sound financial sense. No lender I know or traditional bank would have done what Go Develop did and that is why we like working with them.”
“The team came in and really saved our deal in Ipswich at the last hurdle, they provided the funding required. They definitely are one of the best performing funders we have worked with. All round, very supportive and timeframes on turnaround were brilliant. Can’t wait to work with them again!”