Onside Issue 6 - 41

41

carry out due diligence and perfect our security in
order to provide the loan facility. The supermarket
tenants were very prescriptive and gave our client
a fixed date for the fit-out; had he missed the fitout date, penalties would have been incurred.
To help, we were flexible and offered bi-weekly
drawdowns rather than monthly, so contractors
could be kept on site with costs paid in arrears
against the Monitoring Surveyor's reports.

Q: What's the most common
reason for a development going
wrong?

Q: Finally, what are your plans for
the future?
A: Right now, my focus is to streamline our
legal process and bring a chunk of the process
'in-house'. Every loan requires us to engage
lawyers who'll draw up a legal charge document,
debenture, personal guarantees and collateral
warranties. By standardising our security
documents and improving the process, we can
streamline the way we operate which means
additional cost savings to the client and faster
turnaround times, enabling us to write more
quality business.

A: Cost overruns. A lot of this ties back to the
developer not having sufficient experience,
or something simple such as not carrying out
the right due diligence before beginning the
development, leading to unforeseen issues in the
build process.

Jeff Morton

Sharon Catterall
Director, Seneca Property
Head of Operations

E sharon.catterall@senecabridging.co.uk

jeff.morton@senecaproperty.com
T 07341 869 483
www.senecaproperty.com



Table of Contents for the Digital Edition of Onside Issue 6

Contents
Onside Issue 6 - Cover1
Onside Issue 6 - Cover2
Onside Issue 6 - Contents
Onside Issue 6 - 4
Onside Issue 6 - 5
Onside Issue 6 - 6
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Onside Issue 6 - Cover3
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