Doncaster Metropolitan Borough Council has granted Leeds-based Wilton Developments outline planning consent for up to 3.52 million sq ft of logistics and industrial space. This will occupy a 180-acre site adjacent to junction 6 of the M18 at Thorne, Doncaster. Jason Stowe, managing director of Wilton Developments, said: “We are
Work has begun to transform a vacant brownfield site into a landmark, 30 home timber frame housing development – providing much needed affordable properties in Leeds. The scheme will deliver a total of 14 one bedroomed apartments, ten two bedroomed houses and six three bedroomed homes – two of which
Lysander, the privately-owned construction consultancy, has announced a major expansion across five European markets as it seeks to satisfy continued demand across the industrial, logistics and commercial sectors. New offices are now operating in Frankfurt, Madrid, Paris, Milan and Rotterdam adding to the company’s existing German presence where it opened
Stylish, high-quality products matched with outstanding quality control and a seamless delivery process are just some of the reasons why leading uPVC window and door manufacturer Euramax Solutions has been chosen as a main supplier of modular home manufacturer ilke Homes. Based in Knaresborough, North Yorkshire, ilke Homes manufactures up
The information gap between contractors, framework providers and customers is the biggest barrier to ensuring compliance across the board, says the director of a leading built environment technology solution. Martin Ward of MiProject Solutions, which works with major contractors and frameworks to ensure compliance on digital frameworks, believes that the
When considering flooring products for new-build or refurbishment projects, the housebuilder and specifier can be sure that West Fraser’s CaberFloor range includes the perfect solution. Just as sound foundations are essential for any building, the right flooring system lays a good foundation for a quality flooring finish, saving problems and
Construction firms are being targeted by cyber criminals with fake invoices and bank details as part of a sophisticated fraud netting more than £100m a year in the UK. Mandate Fraud, also known as Payment Diversion Fraud (PDF) and Business Email Compromise (BEC), tends to affect businesses and customers where
BSW, the UK’s largest integrated forestry and sawmilling group, has unveiled its new brand, with an expanded vision of ‘seeing timber in new light’. The brand launch sees the group uniting its capabilities under a new, overarching, BSW Group brand, forging an integrated supply chain to create value and sustain
Businesses prosper when the whole team thrives for success. Every company needs to have a team that has the drive to keep improving efficiency and help in boosting productivity. But like any other business, Heating, ventilation, and air conditioning (HVAC) companies can experience challenges, and sometimes demanding for productivity is
Real estate investment has become the top long-term investment option for many investors. Investors who intend to buy and rehabilitate distressed properties often utilize hard money loans as they are short-term and interest only. The funds can become available to investors as quickly as 15 days, helping investors compete with
BDC 319 : Aug 2024
Doncaster Metropolitan Borough Council has granted Leeds-based Wilton Developments outline planning consent for up to 3.52 million sq ft of logistics and industrial space. This will occupy a 180-acre site adjacent to junction 6 of the M18 at Thorne, Doncaster. Jason Stowe, managing director of Wilton Developments, said: “We are looking forward to bringing forward this key employment site within the Northern Powerhouse. “We are programmed to be on-site later this year with delivery of the first buildings in 2023. Further detail and updates on our plans will be available shortly.” Elsewhere in South Yorkshire Wilton Developments has recently completed its 300,000 sq ft Enterprise 36 scheme at Tankersley, delivering four warehouse and industrial units to occupiers including Williams Rowland, Dura and USL Group. Two of the buildings were acquired by CBRE Investment Management for one of its discretionary funds. Wilton is active across the north of England specialising in office and industrial development and investment.
Work has begun to transform a vacant brownfield site into a landmark, 30 home timber frame housing development – providing much needed affordable properties in Leeds. The scheme will deliver a total of 14 one bedroomed apartments, ten two bedroomed houses and six three bedroomed homes – two of which will be located on a satellite site, replacing two old properties that were previously demolished. The homes to be built at Leeds Meynell, in Holbeck, will be 100% affordable and constructed in less than nine months, with the first residents expected to move in by early summer 2022. They will be built using an innovative timber frame construction process, that involves constructing elements of the properties offsite – in a factory-controlled setting – before transporting them to site for assembly. The method uses the same materials, standards and codes as conventionally built homes but the controlled plant conditions ensure the process is completed more quickly than a traditional build. They will be constructed using a ‘Fabric first’ approach – which involves maximising performance of the materials and components that make up the very fabric of a building. This will help to achieve a key objective of the project, which is to ensure energy efficiency, lower fuel bills and tackle the fuel poverty problems that some Leeds City Council tenants face. The eco-friendly scheme will also support the council’s commitment to reduce the city’s direct carbon emissions to net-zero by 2030 and make Leeds a greener, fairer and healthier city. The project is being delivered through Leeds City Council’s Housing Growth Programme (CHGP), which aims to build around 1500 new, high-quality social housing units over the next five years. Once completed, the new homes will be managed by the council and will become part of its affordable housing stock, Mick Holling, Managing Director with United Living New Homes North, said: “Leeds is a thriving and growing city which needs new, good quality housing to meet demand. We look forward to playing a central role in regenerating this area of Leeds and creating much-needed new homes for local people. “The timber frame sector is transforming the way new homes are built. It offers a comprehensive, energy-efficient and low carbon solution for social housing that is high-quality, affordable and easily accessible and adaptable”. Councillor Helen Hayden, Leeds City Council’s Executive Member for Infrastructure and Climate, said: “One of Leeds’ biggest priorities is to provide enough housing to meet the needs of a growing population. This is why we have developed our programme to build 1,500 new affordable homes over the next 5 years; all of which need to be high quality and accessible. Not only will this scheme positively contribute towards this ambition, it will also help us achieve our climate targets by providing people with energy efficient, low carbon homes. “I look forward to following the progress of this scheme and welcoming our first residents later this year.” As the principal contractor for the development, United Living will partner with Leeds City Council and William Saunders Architects.
Lysander, the privately-owned construction consultancy, has announced a major expansion across five European markets as it seeks to satisfy continued demand across the industrial, logistics and commercial sectors. New offices are now operating in Frankfurt, Madrid, Paris, Milan and Rotterdam adding to the company’s existing German presence where it opened in Berlin and Munich in 2020. In the UK, Lysander has steadily grown its footprint to include offices in central London, Godalming, Northampton and Newcastle. The wider European expansion was a natural next step as Chairman James Duckworth explains: “Since launching 21 years ago, Lysander has grown an enviable portfolio of clients and projects across the UK, Ireland, EMEA and Asia. Client relationships have expanded and strengthened as we have grown, and it made sense to invest in the long-term potential of our existing and future relationships. “There continues to be significant demand for experienced, commercially astute technical advisors across the industrial and logistics sectors, and we’ve already seen the positive impact that investing in the German market has made since our initial launch there two years ago. We’re delighted to be further expanding our European presence with some of the very best, most experienced leaders from across the fields of project and cost management.” Lysander has successfully delivered complex, market-leading projects for some of the best-known developers, online retailers, automotive manufacturers, data companies, financial institutions and logistics operators in the world. Lysander’s track record includes repeat work with clients such as Amazon, GLP, Google, Microsoft, BlackRock and Scannell Properties. In the UK, Lysander was appointed as Project Manager on Amazon’s LCY3 facility, a four-storey, 2.3 million sq. ft. warehouse which boasts the largest PV roof installation in the UK. Commenting on Lysander’s future growth, Joint Managing Directors, Tim Roles and Richard May said: ‘’We are very excited about the future for Lysander. We have worked hard to establish a strong understanding of our clients’ businesses, their ambitions and the challenges that they have faced, whilst they also move into new markets. We are very much aligned with them and will continue to bring our experience, pragmatism and positive attitude to their projects to ensure successful outcomes. “It is a testament to the Lysander team that we repeatedly work with some of the most sophisticated occupiers and developers in the world. Demand for project and cost managers with a deep and extensive knowledge in the industrial and logistics markets in particular shows no sign of abating, and we will continue to be a trusted advisor to our valued clients.” More information on Lysander can be found by visiting: https://lysander.com/
Stylish, high-quality products matched with outstanding quality control and a seamless delivery process are just some of the reasons why leading uPVC window and door manufacturer Euramax Solutions has been chosen as a main supplier of modular home manufacturer ilke Homes. Based in Knaresborough, North Yorkshire, ilke Homes manufactures up to 2,000 modular homes every year for local authorities, housing associations, developers and private investors, and can produce a home in just 15 days, with four modules coming off the production line each day. “In order to increase our output, we needed to collaborate with like-minded suppliers, and for the past two years, Euramax has really understood our manufacturing processes,” comments ilke Homes Procurement Manager Rachel Kaye. “In addition to supplying us with high-quality products, Euramax provides an excellent, efficient delivery service, really allowing us to streamline and get the most out of our production processes.” Working from a state-of-the-art 205,000 square foot manufacturing facility, Euramax Solutions manufactures high-quality uPVC and aluminium windows and doors that are the perfect fit for modular buildings. The company delivers all its products in stillages, minimising product damage during transportation, while also eliminating unnecessary plastic waste. Module identification numbers (MINs) are also provided for each stillage – these are specific to the windows and doors for each house and module type, ensuring products can be installed without hassle. Rachel continues: “Communication between everyone in the modular supply chain is vital to success, and thanks to regular monthly meetings and consistent input from Euramax’s technical team, we’ve been able to continue successfully producing modular homes. “Apart from being a reliable, trustworthy supplier, Euramax has allowed us to achieve the best possible outcome for our products.” Euramax Solutions Managing Director Nick Cowley comments: “Removing the complexity from supply chains, reducing production costs and increasing productivity is what we do every day for our clients in the modular construction sector. “Since partnering with ilke Homes, we’ve been delighted to supply such a big name in this market with our products. “We’re delighted that the company is happy with both our products and our delivery service, something we are very proud of. “It’s a real testament to our hard work and commitment, and we look forward to working with ilke Homes for many years to come.” For more information, call 0330 1340 290 or visit www.euramaxuk.com/
The information gap between contractors, framework providers and customers is the biggest barrier to ensuring compliance across the board, says the director of a leading built environment technology solution. Martin Ward of MiProject Solutions, which works with major contractors and frameworks to ensure compliance on digital frameworks, believes that the key points raised by the Construction Playbook and the recent Mosey Report can only be addressed with the introduction of better digital tools. Ward will be one of the keynote speakers at the Built Environment Networking National Framework & Procurement Conference, where he will present on how to optimise performance through digital frameworks. Ward said: “The construction industry is currently in a critical phase of flux. The recent Mosey Report on the framework gold standard has shone a harsh light on the process side of framework management, most notably how processes can be made more efficient. “By the same token, the ambitious aims of the Construction Playbook around embracing collaboration and digital innovation are setting a high bar for frameworks to meet. “The obvious success of the Playbook is its ability to repurpose the meaning of value broader than capital cost. However, if the drivers of the playbook and enablers of the value toolkit are to flourish they will need a seismic shift in data and digital transformation. “To build certainty of outcomes, we have to establish the correct objectives and establish the aligned measures and capture the right data. “Compliance is crucial to the smooth running of frameworks, but the problem that the industry faces at the moment is that there is a real information gap between the contractor, the framework provider and the customer. “While this is a huge issue, it isn’t insurmountable. By introducing tools which capture, report and analyse outcomes throughout a project’s lifecycle, you create a golden thread which pulls everything together, ensuring more accurate governance from the customer through to the contractor and delivering a true value toolkit. “We look forward to the opportunity to talk through our digital solutions to overcome these common industry challenges.” A construction industry veteran with more than 20 years’ experience in the technology sector, Ward believes that measurability and accountability are going to be the key outcomes as frameworks become increasingly digitised. “Being able to evidence outcomes is a key tenant of the Construction Playbook. Future measures will not only need to be transparent, but they must in turn follow that golden thread back to the core object. “This will then lead to better understood and more tangible outcomes. It is impressive to say, for example, that a project has delivered £1m in social value, but if that money has gone towards apprentices and parks in an area where the key challenge is child poverty, is it really adding value where it is needed?” Addressing the opportunities that lay ahead for frameworks, Ward states that the key is going to be being agile and adaptable enough to meet the demands of a changing landscape. “Frameworks are competitive, and customers have more choice than ever, and customers will demand to be brought closer to the journey, to be able to feel their objectives being delivered. “The opportunity facing frameworks is simple – long-term relationships form the perfect platform to bring about change, work smarter, invest in the relationship and technology, and provide a smarter, slicker digital enabled journey. “We see frameworks adopting an eco-system of support and data capture technologies. However, it isn’t those tools that are related to project management or delivery that will be of most benefit, but rather those focussed on bridging the communication and information gap between customer, framework and contractor.” Martin Ward is leading Built Environment Networking National Framework & Procurement Conference’s ‘Best Practice Presentation’ at 1pm on Wednesday, 2 February. To register for the event, click here. For more information on MiProject Solutions, visit miprojectsolutions.com
When considering flooring products for new-build or refurbishment projects, the housebuilder and specifier can be sure that West Fraser’s CaberFloor range includes the perfect solution. Just as sound foundations are essential for any building, the right flooring system lays a good foundation for a quality flooring finish, saving problems and costs later. The West Fraser website contains a handy flowchart to help builders, specifiers and architects choose the right flooring system for every project, coupled with handy installation guides and videos https://uk.westfraser.com/resources/help-advice/installation-instructions/ for the individual CaberFloor products. Leading the field in the popularity stakes, CaberFloor P5 is the UK’s most specified moisture-resistant P5 flooring. The high-strength particleboard is ideal for domestic and most other floors and removes the need for intermediate noggins. The boards are moisture-resistant, stable, durable, easy to lay and, with a tongue and groove or square-edge profile, provide an excellent surface for subsequent floor laying operations. Some floors require more advanced solutions and, no matter the size or shape of the floor being laid, there are key questions to ask. Although not necessarily obvious, the first point to consider is whether the building’s roof will be in place. If the answer is no, the floor will need to withstand the elements. This is where CaberShieldPlus proves its worth as it is designed to allow building work to continue in all weathers. CaberShieldPlus is an advanced product that has all the inherent benefits of CaberFloor P5. In addition, it offers double-sided protection with a tough, permanent waterproof coating and is BBA approved for 60 days exposure, when laid according to manufacturer’s instructions. It is also a non-slip, safe working platform that withstands high site traffic. An alternative solution is CaberDek which is BBA approved for 42 days exposure, when installed with CaberFix according to manufacturer’s instructions. The P5 grade flooring has the advantage of a strong, waterproof and slip-resistant peelable film. It provides protection from the elements and construction mess and, when removed, leaves a clean, finished floor. The film is impact, puncture and tear-resistant to withstand high site traffic. CaberDek also provides 44dB sound reduction when used in conjunction with leading I-beam and insulation manufacturers. All three CaberFloor products comply with BS EN312 and are designed to be used with the CaberFix range of specially developed sealing and fixing products that include powerful adhesives and tapes. For example, CaberFloor P5 is best used with CaberFix Joint&Joist, an adhesive and sealant that will adhere to a wide variety of materials, creating a strong, silent, and flexible bond. Similarly, CaberFix D4 complements CaberDek and CaberShieldPlus. This adhesive bonds flooring to joists, T&G joints and seals exposed perimeter and edges. Beyond the advantages and practicalities of using CaberFloor, the materials and processes used to manufacture the product offer the reassurance of being sustainable. Unsurprisingly, West Fraser’s range of board products is available in a wide selection of sizes to minimise waste. All timber used is responsibly sourced and FSC certified. The panels are manufactured in the UK from locally grown timber and are net carbon negative. Additionally, all of West Fraser’s UK mills have obtained the coveted ISO 14001 environmental accreditation. Samples of all West Fraser construction panels can be ordered on the website Uk.westfraser.com. Head to the housebuilder page on the website to download a selection of tools including a fully-interactive guide to all West Fraser products and a checklist to make sure you have everything you need for your build. For further information, call 01786 812 921 or visit Uk.westfraser.com
Construction firms are being targeted by cyber criminals with fake invoices and bank details as part of a sophisticated fraud netting more than £100m a year in the UK. Mandate Fraud, also known as Payment Diversion Fraud (PDF) and Business Email Compromise (BEC), tends to affect businesses and customers where electronic financial transactions are common place, such as the construction industry. Criminals will contact businesses or customers via email, usually claiming to be from a company that the business or customer has been dealing with. They will request a payment to be made via fake but very plausible invoices, or payment details to be changed. It is estimated that mandate fraud costs the UK more than £100m annually, with the average loss per business around £27,700. In 2019 alone, 3,577 reports were reported to the police. One historical mandate fraud cost a single construction company £1.1m. The scams are becoming ever more sophisticated with the criminals often creating fake e-mail addresses which are very similar or identical to genuine business, down to the e- signatures and disclaimers. These directs payments from businesses and customers go straight into the criminal’s bank account where it is quickly moved on. The scammers do their homework and will often go to extraordinary lengths to mimic their victim’s online presence and email branding. The NEBRC – North East Business Resilience Centre – which advises businesses on how to prevent such fraud are currently advising across the construction sector including prevention, recovery from an attack and putting in robust IT protection. Supt Rebecca Chapman (pictured) , head of the not-for-profit NEBRC, said: “Mandate fraud aimed at construction businesses is becoming more commonplace as the nature of the sector with complex supply chains, multiple third-party contractors and a fast-moving work environment often meaning there’s little time to double check authentic looking requests that come in on email. “But the construction industry needs to be aware of this threat and ensure they have robust systems and checks in place. The NEBRC can advise businesses who don’t know where to start with audits to check current security measures, IT enhancements and, most importantly, staff training. It only takes a split second for a member of staff to unwittingly allow a mandate fraud to take place, and the criminals will take no time at all to move any monies on from genuine customers and bank accounts.” CASE STUDY: Tom is the managing director of a successful medium-sized construction-based firm with a £3m turnover based in Yorkshire: “I operate a small construction-based business and we have a reasonable customer base; we’ve been trading a long time and had all the relevant standard industry protection you would expect for a company our size. We thought we were safe. “We had a customer who owed us a substantial amount of money and when we were chasing them for our monthly payment they announced they had already paid us – which they hadn’t. “It turned out, they showed us an email purporting to be our offices that was instructing them to change our payment banking details and they paid our monthly payment into someone else’s bank account on what seemed to be our instruction. We realised this was a very serious situation that can affect anybody. We never thought we were vulnerable to this sort of thing, and obviously it causes an awful lot of stress, undue heartache, and financial. “We have been consulting with NEBCR who have been extremely helpful and informative on these issue and we have put systems in place to hopefully make sure this sort of thing can’t happen again. All I would say to anybody out there is make sure this is front of mind , it can happen to you, it can happen to anyone, and it happens every day.” Tom’s full interview can be seen here: General advice to follow an possible attack includes: STOP: Taking a moment to stop and think before parting with your money or information could keep you safe. CHALLENGE: Could it be fake? It’s ok to reject, refuse or ignore any requests for your financial or personal details. Only criminals will try to rush or panic you. PROTECT: Contact your bank immediately if you think you’ve fallen for a scam. TO PROTECT EMAIL IDENTITY AND AUTHENTICATION: Use a strong and separate password for your email. Create strong passwords using 3 random words. Save your passwords in your browser. Turn on two-factor authentication (2FA). Update your devices. Back up your data. For further information go to the NEBRC website www.nebrcentre.co.uk
BSW, the UK’s largest integrated forestry and sawmilling group, has unveiled its new brand, with an expanded vision of ‘seeing timber in new light’. The brand launch sees the group uniting its capabilities under a new, overarching, BSW Group brand, forging an integrated supply chain to create value and sustain long-term growth. Tony Hackney, CEO, BSW Group, said: “As the sector’s biggest integrated business, with capabilities including tree nurseries, forestry management, harvesting, production and energy, we believe we have a responsibility to drive positive change. “Following a period of intense acquisition activity, we commissioned a robust, independent review of our brand and market positioning to guide the actions needed to support a more sustainable future. The feedback we gained has been invaluable. It has inspired our vision to become the most innovative, technologically advanced and sustainable timber business in the UK.” As part of the launch, BSW Group is committing to ensuring a seamless, circular supply chain, to investing in innovation and education, and to giving people more stability and choice. “By growing markets, increasing efficiency and resilience, and elevating our craft, we can help secure the future of our industry and our planet. We have a shared will to create value and achieve sustainable growth,” added Tony. The brand launch follows BSW Group’s acquisition by Binderholz, which completed on 5th January 2022, strengthening the brand’s positioning in the value-added timber market. Our businesses – Maelor Forest Nurseries, Tilhill, Dick Brothers, BSW Timber, BSW Timber Solutions, Bayram Timber and BSW Energy – will continue to operate in their own specialist areas under the new overarching BSW Group brand, with a shared vision to create value and achieve sustainable growth. For more information, visit www.thebswgroup.co.uk.
Businesses prosper when the whole team thrives for success. Every company needs to have a team that has the drive to keep improving efficiency and help in boosting productivity. But like any other business, Heating, ventilation, and air conditioning (HVAC) companies can experience challenges, and sometimes demanding for productivity is easier said than done. If there are no steps to follow, taking your HVAC business to the top won’t be possible. Take this list as a guide to improve productivity in your company. Organize Your Parts And Equipment In any business, the organization must make sure that you have provided everything that your team needs before proceeding to the job. Contractors must ensure that their trucks are organized and in good working condition. They must have the necessary equipment loaded and ready in the service vehicle. In addition, the technician must ensure that all the parts and tools he’ll need for the job are complete. Also, make sure to regularly check the warehouse for inventory to ensure your contractors have all the materials they’ll need. Utilize Technology Your HVAC business will stay ahead of other competitors if you take advantage of the technological solutions available in the market today. Your company can use the software that is ideal for customer relationship management (CRM) and dispatch. You can also automate workflow with service management software that can be utilized from the field to the office. This software has a user-friendly interface and allows you to access its customer data storage, tracking tools for technicians, GPS tracking, and more. Implementing different solutions is best during the year’s off-season when fewer customers call. When your business and your staff can adapt to new technology, they can keep up with the demands of their tasks and responsibilities, which results in efficiency and a boost in productivity. Invest In Training For New Skills There is a big possibility of a shortage in skilled workers this year of 2022, as baby boomers are retiring from the industry. Almost all HVAC businesses in the market are at their peak right now with regards to positioning in the industry, but with all the retirements this year, the current struggle is to find qualified technicians who would stay for good in your company. The generation of employees nowadays prioritizes career growth, they usually gauge their stay in a company based on the path that the organization can offer them. What you can do is to train them generously as it contributes to employee retention. You can even hire and onboard younger technicians to build them up. There are two types of training that employers can give: Technical training – training for certification and licensing. They can also opt to take additional certifications if they want to remain in the field their whole career. Company-specific training – leads to career growth internally since some technicians may eventually want to transition into management roles. When employees know that they can develop their skills and knowledge in your business, they are more than likely to stay. You can also upskill your technicians with the new trends to keep their skills updated and aid them to avoid future mistakes. This kind of activity inspires your new and old employees as it can boost their confidence, morale, and satisfaction to be at their best. Improve Company Culture How is the company culture at your workplace? If you’re noticing a decline in productivity, perhaps you can look into the working environment of your staff. A hostile workplace can lower productivity, increase errors, encourage absenteeism, and produce a number of mishaps. Your employees are more likely to show enthusiasm at work if there is respect and value within their workplace. To determine what needs to be improved in the company’s culture, it’s encouraged that you conduct surveys or one-one check-ins with each of your employees once or twice a month. By doing this, you are showing your team the concern and respect that they deserve, Additionally, you’ll be able to get feedback and suggestions straight from them and formulate solutions to increase their trust and comfortability in the company. It would also be a great idea to improve company culture, by arranging team-building activities wherein all the employees can participate to build camaraderie and rapport with each other that can eventually improve workplace culture. Allow Customer Reviews Customers who need services are likely to search and read reviews from fellow clients. It’s a way of getting information on which company can offer quality work. There are platforms that customers can leave reviews about HVAC businesses. Customer testimonials can help you gain the trust of your customers and get more leads and prospects. You can utilize these testimonials by adding them to your website to help raise the brand image. In Conclusion HVAC businesses can look forward to success if they can start planning different ways to improve efficiency and increase productivity. It’s essential to be organized and always ready when the customer call. Training for additional skills and using technology also empowers your employees to do their jobs better. Productivity also increases when they have a good amount of support and receives feedback from satisfied customers.
Real estate investment has become the top long-term investment option for many investors. Investors who intend to buy and rehabilitate distressed properties often utilize hard money loans as they are short-term and interest only. The funds can become available to investors as quickly as 15 days, helping investors compete with cash buyers to purchase their desired properties. What Is A Hard Money Loan? A hard money loan refers to asset-based financing where a borrower uses the physical property as collateral in exchange for funds. It is asset-based since the borrower uses the real estate property they invest in as security for the loan. The loans are sometimes referred to as private money loans as the funding is from private lenders instead of financial institutions. The lenders determine the loan amount to be given by ascertaining the property’s value. Traditionally, financial institutions lend money based on the borrower’s financial history and credit score. It is easier and quicker to find hard money loans than traditional loans. A borrower is still required to go through the underwriting process and ensure compliance with the requirements. Of course, when taking out any loan, it’s important that you use professional, recognised lenders and that you understand the ins and outs of the agreement. This guide should help you to better understand the entire process. Reasons Why an Investor May Need a Hard Money Loan? Some of the situations that may cause an investor to seek a hard money loan instead of a traditional financing option include: Pros of Hard Money Loans Hard money loans can be highly beneficial for borrowers regardless of their credit history. Some advantages of hard money loans include: Cons of Hard Money Loans Hard money loans are a faster option for real estate financing. It is important that you fully understand the lender’s terms and charges to reduce the risks involved.
