This article first appeared in the November 2020 edition of the Business Examiner. Read the online edition here.

Time is money…

It’s one of the business world’s most famous sayings. But there’s also merit in seeing it as time saves money. And by that I mean the time that you, as a developer, put into:

1. Gathering the right team of experts
2. Creating your development proposal

Putting some thought into both focuses at the beginning could help save you from unanticipated costs that can snowball in the long run. For this article, I’m going to share more on what it means to have the right team. To learn more about putting together an effective development proposal, check out this article.  

Depending on the project and its stage, your team of professionals could include:

• An experienced financing expert. As they’ll be the ones supplying the capital for your project, you’ll want someone who can assess your needs from a variety of angles. It’s also helpful to have someone with a deep understanding of local market conditions and strong community connections to add further insights.
• An engineer to help with the design of your project and to guide you through important parts of the municipal process. 
• An accountant, not only to crunch numbers but also to complete a feasibility study. If needed, this will help you get a better understanding of whether your project is, essentially, worth it.
• An architect who is able to apply thoughtful and innovative plans to your project to ensure maximum usability. 
• A lawyer. From payment disputes to contract issues, to workmanship concerns, it helps to have legal expertise at the ready.
• An environmental firm to complete an Environmental Site Assessment. This will determine if there’s any environmental contamination for you to factor into your asking price. 
• An appraisal firm to complete valuations for your project “as is” and “as complete,” which can help in your decision making and with your financing request. 
• Contractor/project manager to keep things running smoothly and to lessen the burden of the construction process (i.e. permits, inspections, trades, etc.) 

Putting time into your team can help you account for related costs right up front. If you have any questions about the expertise needed, or on construction financing in general, start by talking to an expert. 

For more information on construction financing, call 1.888.741.1010.