A spreadsheet is not an appraisal. Credit committees are trained to look for the same handful of weaknesses — here is how to remove them before you submit.
Build costs with a source
Every cost line should be traceable: a priced tender, a QS schedule, or a recognised cost index applied to a defined specification. Include contingency explicitly, along with professional fees, S106 and CIL, utilities and finance costs.
An appraisal without a named source for cost is treated as an estimate, and estimates get discounted.
GDV supported by real comparables
Use achieved transactions on comparable specification and location, adjusted for size and finish, rather than asking prices. Where the scheme sets a new price point, say so and evidence why the market supports it.
A cashflow, not just a total
Lenders fund a programme, not a number. Show drawdowns against the build programme, interest rolled up over the term, and the timing of sales or the disposal event. This is how the facility gets sized correctly.
Sensitivity and exit
Test the scheme against a 5–10% fall in values, a 5–10% cost overrun and a three-to-six-month programme delay. Then state the exit clearly: open-market sales, a contracted disposal, refinance onto an investment facility, or a combination.
A report that has already answered the committee's questions is the fastest route to terms.
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