To fully utilize the investment opportunity from the commercial development finance, you need to specify what particular commercial development you need to undertake. Commercial developments include retail outlets, warehousing, production areas, office space and leisure facilities. Once you?ve decided on this, your project will be assessed and corresponding processing for development finance UK will be done. Once everything is in place, you can proceed with the project planning.
Whether it was 100% development finance or bridging finance, or buy to let mortgage, your task will not end when you receive these funds from your development finance UK agency. You need to put into place a comprehensive project plan to make sure that you make best use of your finances. The project plan should provide detailed information from the start to the end of the whole project; and this should be your basis to monitor progress of the project. It is possible for such large amounts of information to be extremely complicated, confusing everyone who reads it. However, you have to aim at being concise yet instructive and you can do so by breaking down the information by categories or departments.
Using simple steps will help keep everything organized. First, write a clear plan outlining each phase of the project. This includes the land purchase, use and design, planning requirements, initial building requirements, central building phase, fitting-out, marketing, sale or rental. As much as possible be detailed yet concise. It is also helpful to make use of the various skills and tasks of the people involved on the project, such as your designer, architect and marketer. That way you know you haven?t missed anything out. Then you incorporate that budget of each task including the materials and the professional fees.
If you?re new to project planning, you can sometimes get assistance from you development finance UK agency that you contacted. They would be more happy to work with you as they also have something at stake. Still, you can count on their expertise about commercial development finance and everything that?s involve in it.