Spec Builds, Silverdale
ASAP Finance loves building long lasting client relationships and this one is no different.
SWL was introduced to ASAP in 2012 through a mortgage broker – at the time, the start-up building company was completing 1-2 spec builds per year and was struggling to scale their business in the face of stringent bank requirements.
Mainstream banks required significant experience and equity in order to approve funding and other hurdles such as presales, QS reports, valuations and fixed price contracts, were inhibiting their ability to move projects forward at pace.
ASAP Finance removed these hurdles by providing a funding package without the onerous conditions that other lenders required. Senior Lending Manager, Kevin Zhou, recalls structuring the initial loan facility for SWL.
“We took a practical approach when assessing their funding requirements. We removed constraints such as valuations, QS reports and presales, and introduced loan facilities that optimised the limited equity they had available. This enabled SWL to accelerate development programmes and scale their business to a level that would not have otherwise been possible”.
For SWL same-day ‘drawdowns’ for progress payments were an important aspect of the ASAP funding model. “The draw down process was extremely quick – it would only take 24 hours for funds to arrive after submitting a payment claim. The ability to pay sub-trades immediately can have a dramatic effect on whether they prioritise your work” says the director of SWL.
Since 2012, SWL has almost exclusively used ASAP Finance to fund their projects. As the relationship has progressed, SWL has gradually scaled their business to a point where they currently have 20+ houses under construction and a further 20+ houses in the pipeline. They are now one of the largest spec builders in Silverdale.
SWL has had one point of contact at ASAP Finance (Kevin Zhou) who has been responsible for managing every aspect of the loan life-cycle. The relationship has been built on trust and transparency. “The ease we encounter when working with ASAP means a seamless journey from day one” notes SWL.
After 9 years of business, the original mortgage broker continues to be involved in every transaction. A close working relationship is maintained between Client, Broker and Lender. This is the perfect collaboration and benefits all parties involved, something ASAP Finance strives to do.