We keep things as simple as possible. This includes our entire loans process from start to finish. The process takes place over six stages which can be seen below.
1. New Project Discussed
You can start by getting in touch with one of our experienced advisors. An initial call to discuss your project will enable us to offer you a ‘decision in principle’ within minutes. If we are unable to assist you will tell you immediately.
This means that based on the initial outline of the project, we can tell you immediately if you meet our criteria and whether we are able to provide you with a loan for your property development.
2. Application Form
Whilst mainstream banks will usually require you to fill in lots of forms, our application form will only take a few minutes to complete. Simply complete some basic information about your personal background, assets, liabilities and loan requirements.
We will also send you an information pack which clearly explains all the costs of taking out a loan with Magnet Capital. We try to keep the paperwork to a minimum and tailor our terms to your liquidity requirements.
3. Meeting with the Magnet Capital team
At Magnet Capital we find face to face is the best way to form strong relationships, which will help your business grow. We usually hold a meeting at Magnet Capital HQ, so that we can fully understand the purpose of your loan and how you plan to use the funds. We act as a finance partner for your project and can offer our expertise to help you get the most out of your upcoming property development. We aim to make this meeting the start of a fruitful long-term relationship.
4. Offer Letter Signed
We talk you through our offer letter, which is tailored to your project requirements and the length of the loan you need in order to make everything work. Our terms are explained clearly before we proceed. This is typically done at the meeting with the Magnet Capital team.
5. Surveyor meets Borrower on Site
A surveyor from our panel will then make contact with you straight after the sign-up meeting. The surveyor will be the same surveyor throughout the project so that you are able to build up a relationship with them. The surveyor will meet you on site, compile a report for us and then continue to liaise with you and the Magnet Capital team. They oversee all the drawdowns that take place and ensure that the financing of the project goes smoothly.
6. Funds Completed
Once the legal process between your solicitor and our legal team has been fully completed, we can successfully transfer the development funds to your account. Funds are typically drawn down in stages based on your build programme. This maintains a healthy cash flow for all the different stages of your project and interest is only charged on funds that are drawn down.