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At JMW we are fully aware that property finance doesn’t always take the form of the traditional method of securing funds by way of a mortgage from a financial institution secured against the borrower’s land. We have experience of a wide variety of funding opportunities, in particular forward funding arrangements, whereby a party essentially agrees to buy a development either before or during the construction process. JMW’s long history of such deals means that we can quickly put in place:
- An agreement to secure the development obligations from the developer
- Funding commitments from the forward funder
- Step in rights for the forward funder in the event of the developer’s default
- Security arrangements to protect the interests of both parties
With JMW’s assistance the parties will promptly have the benefit of a comprehensive legal package which will provide security and peace of mind for both the developer and the forward funder, leaving the parties free to concentrate on the delivery of their project.
By way of example, JMW recently provided advice in connection with the forward funding of the development of a hotel for a national chain hotel operator in Manchester city centre which was financed by a blue chip financial institution.