DEVELOPER BACKGROUND
XP Property Investments are developers of residential and commercial property and land within the home counties and London area. XP was created by the merging of two independently successful development companies, whose combined expertise complements each other to create precision, growth and versatility. They specialise in developing the highest quality residential, commercial, land and mixed-use space.
FUNDER BACKGROUND
Crowd with Us is building the largest crowd-funded property portfolio in London. Crowd with Us matches property deals with investors - the investors get to invest and the property developers receive the funding they need to make their project happen.
THE REQUIREMENT
The project involved the conversion of a basement beneath a purpose-built block of apartments, into two new residential dwellings. XP Property Investments required pre-contract administration services to commence the project. Crowd with Us as the funder also required an Independent Monitoring Surveyor to undertake due diligence on the borrowing facility without the construction phase.
THE SOLUTION
Sillence Hurn were appointed to undertake the pre-contract administration services by XP. This involves drafting the build contract and advising on the specific warranty set-up, design responsibility and insurance formation between the contracted parties.
Sillence Hurn also supplied the Independent Monitoring Surveyor for Crowd with Us. They provided an initial cost assessment report for the development, which the loan facility was based upon. Monthly inspections were also provided to undertake drawdown inspections and provide interim reports to Crowd with Us to confirm expenditure against the construction budget allocated within the loan facility.
THE OUTCOME
“We have worked with many building consultancies in the past. Most struggle with attention to detail and do not consider the project from a commercial perspective. Since we started using Sillence Hurn, not only do my projects run more smoothly, but the highly professional team mitigate costs and risks which well outweigh their fees.
We would now not go into any project without Sillence Hurn on board. They are trustworthy, transparent, cost-effective and extremely in tune with all aspects of buildings and construction. They have managed our projects in relation to pre-purchase, design, surveying, bank dealing, building control, tendering and more. I highly recommend Sillence Hurn and will continue to work with them on every project.”
Jack Jiggins, XP Property Investments
