To ensure a successful project the bank and borrower must have the right professional team to support them. We have extensive experience in dealing with the negotiation and drafting of appointment documents, reviewing JCT Contracts and securing relevant collateral warranties for the developer, funder, tenant and purchaser.
Our aim is to ensure that the bank gets adequate security and, if you are the borrower, to give timely advice on the form of contracts with the builder, architect, engineer and QS.
If things go wrong on a project (such as the borrower running out of money) it is important that the bank urgently assesses the risk profile of the remaining work and whether the contractor or professional team are able to complete the project. If on the other hand, the contractor goes bust, the developer/borrower must immediately be able to reassure the bank that the rest of the ream and a new contractor can “pick up the pieces”. In both cases Glaisyers Banking and Construction teams will get involved on a practical level.
There is no substitute for a quick resolution of the problem with clear costs and time limits.