Unlocking the value of land for property development is often a major challenge, especially for landowners who are keen to retain cash for other uses such as pensions or investments.
However, help is at hand from Savage Silk, the leading professional advisory company.
Director Simon Priestley explains: “Our vast experience in property matters, combined with our ability to access funding and expertise in-house, means that we can help where many others can’t.”
Simon, a property lawyer with more than 20 years’ experience, is one of the founders of Savage Silk. He recruited Don O’Henly, a well-known and networked commercial banker, to help advise people on property finance matters.
Don is finding business to be brisk across all sectors at the moment.
“I’m working on a wide variety of high-level projects for land owning clients, region-wide,” he says.
“Our network of funders, from peer-to-peer lenders, banks and high-net worth individuals, is extremely strong and covers all types of requirements, from short-term money to development finance.
“We also have access to niche lenders who will lend on fit-out work and furniture, which is appealing to a number of retail and leisure clients.
“I’ve worked in commercial finance for nearly 30 years and I know and understand the market and the professional advisers who make it tick. This means that we are able to help people with both legal and financial requirements.”
Don continues: “At Savage Silk, we like to get involved early. This is when we can add most value and make the whole process efficient and cost effective.
“Firstly, we carry out an appraisal for the site owner. That typically includes a preliminary legal and planning review to see if there are any constraints on the site. If all looks well, we then pull all the relevant financial information together to prepare a financial appraisal so we can identify which of our funders would be best be suited to fund the specific deal.
“Once funding is in place, the Savage Silk team continues to manage the whole process. We ensure that all legal requirements of the funder and specific deal are dealt with to completion of the final development.
“Because Savage Silk is a company that combines legal, financial, insurance and investment advice, our team can move quickly to resolve any issues, as we are all in the same company working to a common goal.”
Simon is delighted with the progress the firm is making in the property sector. He says: “We have lots on at the moment and are actively looking for talented, well-connected people with corporate finance expertise to strengthen the team.”