All West One Development Facilities are funded in Arrears.
Following the facility set up, the initial works on site must be funded by the developer.
In the following month, the West One appointed Independent Monitoring Surveyor (IMS) will visit the site to assess the works which has been completed along with all the relevant paperwork provided by the developer/contractor.
The IMS will then provide a report to West One, certifying the amount which they believe should be release against the works carried out by the developer/contractor to date. This is typically done monthly until the scheme has been fully developed.
With our facilities being Rolled up Interest, the developer does not have to worry about paying interest monthly and can concentrate their cashflow on progressing the development.
Interest is also only applied to the parts of the loan which have been drawn to date, meaning that if the developer completes the project only using a portion of the loan, they only get charged interest on that portion.